How Do You Get A Fixed Rate Mortgage?
A fixed rate mortgage is arguably the most enticing mortgage available to home buyers; this is because a fix rate mortgage offers the borrower a static interest rate that is locked in at signing, and thus, the monthly payments for the fixed rate mortgage never increase. This is in stark contrast to the adjustable-rate mortgage, where the interest rate can increase (or decrease) depending on the index or cap rate the lender uses, which in turn, causes the monthly payments to rise throughout the course of the payment terms. A fixed rate mortgage is often harder for home buyers to secure, but with a little effort and good credit history, it’s certainly possible. If you are in the market for a new home, or want to refinance your current mortgage loan, read on to learn how to get a fixed rate mortgage: Review and Improve Your Credit Before you apply for any major loan, including a fixed rate mortgage, you should always pull your credit report and score, and check what’s currently on there.
