Cheapest Fixed Rate Mortgages - For A Lower Payment

If the cheapest fixed rate mortgages will save you money, why pay for more?

Take this challenge. Count on one hand the homeowners you've known to pay off a mortgage.

Choose A Lower Mortgage Payment Instead

For over 20 years, my mortgage clients returned to me for their refinances or because they bought new homes. The 2nd or 3rd time, I usually inquired whether they wanted to continue on the route of a 30 year fixed rate.

"Do you realize the average homeowner gets a new mortgage every 5 to 7 years? You also seem to support those statistics. Why are you choosing to pay for a long-term mortgage if you're only keeping it a few years?" I'd ask.

Cheapest Fixed Rate Mortgages - The True Hybrid

During my mortgage career, I observed fear of unstable adjustable rates cause many homeowners to take refuge in the safety of a 30 year fixed rate mortgage, even when long term interest rates made a monthly payment too high to afford. Seldom was their mortgage kept long enough to benefit from the expense of long term security.

If this sounds like you today, listen closely because I have a solution. I am going to give you the money saving secret I shared with my clients before retiring from 20 years of mortgage lending. Here is how to get a lower mortgage payment.

Consider one of the cheapest fixed rate mortgages, a hybrid. You may have heard of them, a 3/1, 5/1 or 7/1 mortgage. Hybrids combine the best features of both an adjustable and fixed rate mortgage. Some lenders call them fixed rates. Others refer to them as adjustable rates.

What's more important is for you to understand what to expect from them. Then you can decide if a hybrid mortgage will save you money.

Hybrid Mortgages Save Money And Offer Security

30 year fixed rate mortgages potentially tie up a lender's pocketbook for many years. That's why mortgage companies generally charge more for long term fixed rates. Since most homeowners keep a mortgage 5 to 7 years, why should they overpay for a long term mortgage?

Why not opt for one of the cheapest fixed rate mortgages like a 5/1? The "5" means the interest rate and the payment are fixed for 5 years. The "1" means after 5 years, the interest rate and the payment will both be set for a year at a time.

For a little more security, consider a 7/1 which extends the fixed period an additional 2 years. For those who anticipate selling their home or refinancing after 3 years, there is even a 3/1. Generally the shorter the fixed period, the lower the interest rate.

By exchanging an extended fixed rate term for a hybrid mortgage, lenders pass on a lower interest rate to borrowers. Homeowners benefit from a lower mortgage payment.

Cheapest fixed rate mortgages -- What a deal!

Lowest And Cheapest Fixed Rate Mortgages

After all, it's your mortgage and your home. You deserve the best!

Riveting Fixed Rate, Hybrid and Adjustable Rate Mortgage Help

Assure yourself of the lowest fixed payment possible with this best fixed rate mortgage yet pay it down as quickly as you like.

The 15 year fixed rate mortgage will save you thousands and thousands of dollars in interest over the years. Plus you'll be mortgage free after 180 payments!

What would you do with an extra $87,789? Meet the 20 year fixed rate mortgage.

Introducing the 25 year fixed rate mortgage combining the security of a 30 year fixed home loan enhanced by a slightly lower interest rate.

I've heard it referred to as boring but I crown the 30 year fixed rate mortgage King Of Mortgages!

The 40 Year Fixed Rate Mortgage - When fast mortgage pay offs may not be for everyone.

Are adjustable mortgage rates good or bad? It all depends on your circumstances.

Imagine what it would be like if you could plan for changes to your adjustable rate mortgage.

If the cheapest fixed rate mortgages will save you money, why pay for more?

Come on Kate! Aren't interest only mortgage loans just hidden adjustable rates?

Ask Kate About ARMs - Ask a question to get an answer from Kate about mortgages that adjust.

ARM Ask And Answer - Questions about adjustable rate mortgages, each with a individual answer from Kate

Return home to Get-Your-Best-Mortgage-Rate from the Fixed Rates, Hybrids and Adjustable Rate Mortgages Collection

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