The Benefits of Fixed Rate Mortgages

A fixed rate mortgage is a popular loan program, where the principal and interest payment remain the same throughout the life of the loan. It is available in terms ranging from 10 to 30 years and can usually be paid off at any time without penalty. In this blog, we will discuss why fixed rate mortgages are beneficial for home buyers.

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No Surprises with Interest Rates

One of the main advantages of a fixed rate mortgage is that you don’t have to worry about sudden interest rate hikes. When you lock in a fixed rate, you know exactly what your payments will be for the entire life of your loan. This makes budgeting easy and allows you to plan ahead with more certainty.

You May Still See Changes in Your Monthly Payment

Although your interest rate remains constant on a fixed rate mortgage, your monthly payment may still vary if you have an "impound account". Your impound account is an escrow account set up by your lender where they collect additional money each month to cover taxes and insurance premiums along with your monthly “principal + interest” amount and any mortgage insurance premium (amount charged to homebuyers who put less than 20% cash down when purchasing their home). By setting up this impound account, it helps ensure that these payments are made on time each month so that you don't fall behind or get hit with late fees.

Fixed Rate Mortgages Offer Long-Term Stability

A fixed-rate mortgage provides long-term stability since the payments remain constant over time. This gives homeowners peace of mind knowing that their monthly housing costs won’t suddenly increase or decrease due to changes in market conditions or other factors. Furthermore, having a fixed rate makes it easier for homeowners to budget their finances since they know how much they need to pay each month for their house payment.

 

Overall, there are many benefits associated with choosing a fixed rate mortgage over other types of loans such as adjustable-rate mortgages (ARMs). Fixed rates offer long-term stability since your payments stay consistent over time, giving homeowners more control over their financial situation and making it easier for them to budget accordingly. They also provide protection against sudden interest rate hikes which can make it difficult for people living on a tight budget. If you are considering buying a home, contact Metric Mortgage today and learn more about why choosing a fixed rate mortgage may be right for you!

Trusted

Vancouver and Portland trust Prism Lending Partners with their loan applications to get a competitive rate and have a great experience.  We actively work with you to ensure that you are able to purchase the house that you desire.

Local

Our local presence means that we are accessible and knowledgable about the SW Washington and Portland Metro area.

When you need a local mortgage company to be with you during the process, call us.

Competitive Rates

Competitive mortgage rates for borrowers in Vancouver, Portland, Camas, Battle Group, and all of SW Washington means that you get a competitive rate.  Want to know how we do it? Call Us.

Find the loan that's right for you.

Our team will help you find the right loan for you at the right time.  We offer products and have an understanding of the market at all phases of the real estate cycle.  We are committed to guiding you through selecting a loan and will help you reach your personal and financial goals with transparency and professionalism.

FHA Loans

FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

Conventional Loans

The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.

Low Down Payment

Loans where the borrower is able to wrap many of the costs and closing costs into the loan, lowering the amount needed to close.

VA Loans (Veterans)

VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement.

Meet The Team

Brian Spitulski
NMLS# 880824

Haley Dickerson
NMLS # 2319236

 

Kevin
NMLS# 218326

John
NMLS# 1700043

Mark Villanueva

Home Buyer in Happy Valley

Brian helped my wife and I purchase our first home in Happy Valley. As first time homebuyers, there was a steep learning curve throughout the entire home buying process. Brian was very helpful and patient in explaining not only procedures involved with obtaining the mortgage, but also with anything other processes we had questions about. Brian even came to our escrow signing appointment to give the paperwork a final look. Brian still contacts us every few months to let us know how interest rates are looking and whether it would be beneficial to refinance. Big thumbs up to Brian and we'll definitely use him again when we're in the market for another property.

Sean Curringan

Vancouver Home Buyer

My wife and I have followed Brian from his previous company to him now at U-Mortgage. While his company has changed, his level of service has stayed light years ahead of the rest of the industry and for that, we’re very grateful! Buying a house is for most people, the largest purchase they will ever make, which can be a pretty scary situation. Brian goes above and beyond to ensure that the consumer knows exactly what is going on at all times. This can be as simple as explaining what certain fees are or possibly as complex as how best to boost a credit score. Whatever the case may be, Brian is amazing! I personally don’t know too many Mortgage Guys who go as far as making sure to be present at the final signings. Mr. Spitulski does this and much more. My wife and I plan on using Brian in the future and highly recommend anyone else going through the home purchase process to give Brian at least a shot, it’s well worth it!

R. Rogers

Designation

Put your trust into Brian! You can tell he is honest and truly cares about his customers. He worked hard to get us the best possible interest rate (and keep it despite closing taking longer than expected due to an issue the sellers of our new house needed to work out). He patiently worked with us over the course of two years while we paid off debts, saved, and followed his advice to increase our credit scores. Once we were ready to go and found our dream home, Brian got everything mortgage-related done lightening fast! The whole process was so quick, easy and smooth I couldn’t believe it!! He was always quick to answer our millions of questions (this is our first house) and clearly works long hours to make sure his people are completely taken care of. Our experience couldn’t have been better!