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Fixed rate mortgage loans have a lot to offer consumers when it comes to stability. There is much to be said about knowing what your total mortgage payments are going to be from year to year. It allows families to plan for the future and keeps them in homes they can afford.
Adjustable rate mortgages, also called ARMs, offer lower initial interest rates. The potential downside is that these rates are revisited at set intervals throughout the mortgage term. This means the interest rate could rise markedly in the future, costing buyers much more to own their homes than they had anticipated.
They are attractive to many cash-strapped consumers banking on larger paydays in the future. Unfortunately, many people have found themselves forced to sell their homes after terms were adjusted.
The people served best with adjustable rate mortgages are those who anticipate paying the home off prior to the end of the “honeymoon period” when interest rates are lowest. However, it is important to find out if there are penalties for early loan repayment before planning on this option.
South Carolina borrowers will find a lot of comfort in a fixed rate loan knowing that they’ve locked in a consistent interest rate. Unlike ARMs (which may impose penalties for early payoff), borrowers with fixed rate loans often have the option to refinance for lower rates if the market turns and interest rates decrease.
For most borrowers, a Midland Mortgage fixed rate mortgage loan offers a sensible solution that delivers consistency, reliability, and sustainability that will carry them, and their homes, into the future. Contact us today to learn more.