Best Fixed Rate Mortgage Tips

Discover peace of mind with the best fixed rate mortgage.

How To Create A Combination Loan

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Choose Your Best Fixed Rate Mortgage

Remember Forrest Gump? While they polished their boots together, his friend Bubba described the many ways his mama cooked shrimp. Quoting from the movie Forrest Gump...

"There's pineapple shrimp, lemon shrimp, coconut shrimp, pepper shrimp, shrimp soup, shrimp stew, shrimp salad, shrimp and potatoes, shrimp burger, shrimp sandwich

Just like Bubba's shrimp, the best fixed rate mortgage comes in different flavors...the 30 year fixed rate mortgage, 40 year fixed rate mortgage, a 25 year fixed rate mortgage, 20 year fixed rate mortgage, and the popular 15 year fixed rate mortgage.

For a unique twist, consider cheapest fixed rate mortgages or affordable fixed rate interest only mortgage loans.

Adjustable mortgage rates if carefully researched and understood can be appropriate under certain circumstances, depending on your goals.

Residential construction loans are home mortgages designed for building a house. They come with long term and permanent financing options.

Meet Kate Ford - Your Mortgage Insider

Hi, my name is Kate and I'm a retired mortgage broker. For over 20 years, I helped thousands of people borrow millions of dollars. I understood loan programs and taught my clients the tricks to getting their best fixed mortgages. Now I've created Get Your Best Mortgage Rate to share my tips and tricks with you.

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Tips For The Best Fixed Rate Mortgage

Principal #1

• The longer the term (years), the lower the mortgage payment
• The longer the term (years), more interest is paid
• The longer the term (years), the slower the principal is paid off

Tip: If you want the lowest mortgage payment, 40 year terms are your best fixed mortgages.

Principle #2

• The shorter the term (years), the higher the mortgage payment
• The shorter the term (years), less interest is paid
• The shorter the term (years), the quicker the principal is paid off

Tip: If you want the mortgage paid off quickly, 15 year terms are your best fixed mortgages.

Best Fixed Rate Mortgage Payments

Estimated monthly payments - $200,000 at 6%

• 40 year fixed rate mortgage - $1100
• 30 year fixed rate mortgage - $1199
• 25 year fixed rate mortgage - $1288
• 20 year fixed rate mortgage - $1432
• 15 year fixed rate mortgage - $1687

Tip: Remember to add 1/12 of the annual insurance premium and property taxes to the payments shown above. For more help on budgeting mortgage payments, click here for How Much Mortgage Can I Afford?

Visit the Home Mortgage Payment Calculator to figure your mortgage payments easily.

Kate's Secret To The Best Fixed Rate Mortgage

OK, finally, here is my little secret! Pick a longer term for the lowest payments, like a 40 year fixed rate mortgage. Make extra principal payments if you desire to pay less interest and reduce the principal faster, similar to having a 15 year fixed rate mortgage.

Then during a month when you need a lower payment, you'll have a safety net of the 40 year fixed rate mortgage.

Like Forrest Gump's friend Bubba who had more ways to cook shrimp than barnacles on a boat, the best fixed rate mortgage comes with many options. Pick a 40 year fixed rate mortgage, 30 year fixed rate mortgage, 25 year fixed rate mortgage, 20 year fixed rate mortgage, or for building equity, the popular 15 year fixed rate mortgage.

Cheapest fixed rate mortgages and affordable fixed rate interest only mortgage loans offer two more options.

Remember to use Kate's little secret to combine the best of both worlds, the advantages to a 15 year fixed rate mortgage, rapid principal pay down, with the safety net of the 40 year fixed rate mortgage, lower monthly payments.

Kate's Blog is here. Keep up to date on what's new about mortgages and additional tips to your best fixed rate mortgage payments.

Don't Miss A Word of This - More Unique Mortgage Tips From Kate Ford

Daily Mortgage Rates, Easy To Read Chart
Rates are updated every Thursday.

Compare Mortgage Interest Rates And Save Money
Compare mortgage interest rates. The lowest rate is not always your best mortgage rate.

Kate's Mortgage Rate Lock Guarantee
Uncovering secrets to the mortgage rate lock...Learn Kate's common sense approach to getting your lowest current mortgage interest rates.

Adjustable Mortgage Rates
If carefully researched and understood, adjustable mortgage rates can be appropriate under certain circumstances, depending on your goals.

HOME TO Best Mortgage Rate
Enter the secret world of mortgage lending. Kate unlocks the code to getting your best mortgage rate. Uncover essential keys to low mortgage payments.

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