Fixed Rate Mortgage is a loan where your payment stays the same from month to month. These loans are usually available in 10, 15, 20, or 30-year terms and can be acquired through a purchase or refinance.
Qualifications: Must have credit score of 620 or higher, can make down payment of at least 3%, and have DTI no higher than 43%, although there are exceptions to these rules.
Benefits: Great for long-term home buyers You can ensure stability and predictability throughout the length of the loan, allowing you to invest in your home.
Straightforwardness Since interest rates don’t change with market rates, you can lock in to the current competitive rate at the time of purchase, ensuring the same payment amount for the length of the loan.
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The content provided is for informational purposes only and should not be interpreted as mortgage, tax, or investment advice. Although the content is deemed to be accurate, it is not guaranteed to have no errors.
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