- Stability: With a fixed-rate mortgage, you can lock in a low interest rate for the life of your loan. This can provide you with peace of mind and help you budget more effectively.
- Predictable payments: Your monthly mortgage payments will be the same for the entire life of the loan. This can make it easier to budget and plan for the future.
- Protection from rising interest rates: If interest rates rise, your monthly mortgage payments will not increase. This can save you money in the long run.
What are the drawbacks of a fixed-rate mortgage?
The drawbacks of a fixed-rate mortgage include:
- Higher interest rates: Fixed-rate mortgages typically have higher interest rates than ARMs. This means that you may pay more interest over the life of the loan.
- Less flexibility: With a fixed-rate mortgage, you cannot take advantage of lower interest rates in the future. If interest rates fall, you will not be able to refinance your loan at a lower rate.
How do I get a fixed-rate mortgage?
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