What’s the Right Mortgage for You?

by Kay Lynn

mortgage

There is no better way to grab the American dream of homeownership by the horns than to take advantage of some of the sweet mortgage deals currently available. With the housing market in shambles right now everyone is looking for someone with moderately stellar credit to lend money .

As many of the analyst have stated over the last year this is most definitely a buyer’s market, and you can grab the home of your dreams right now while getting a sweetheart deal on your mortgage. There are many different types of mortgages that are available to people, and right now you have the option of settling for the best.

Fixed-rate mortgages

The fixed rate mortgage is your standard mortgage with a simple interest rate. These are commonly referred to as the “30year fixed” or the “15 year fixed”. One of the best things about the fixed-rate mortgage is that you can fully predict your payments with a mortgage calculator .

Your average fixed rate mortgage generally has a life of over 10 years, 15 years, or 30 years. Fixed rate are generally the safest of all the mortgage options available as they are not tied to the economy as is the case with Interest only Mortgages. The beauty of having a fixed-rate mortgage is that you know exactly what your mortgage payment and terms will be. This makes it easier for you to plan your monthly budget, and to also plan to pay your mortgage off early.

The essence of the fact is that there are pretty awesome deals on mortgages that are available to people who fit the proper criteria to receive a mortgage in this economy. There are many different types and options of mortgages for people today in the market-place.

If you have a stellar credit history and a verifiable income you may be able to access some of the best deals around, but also if you do not a perfect situation there are options available for you.

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