Fixed Rate Mortgages at Cleveland Ohio Mortgage
Definition – Fixed rate mortgages are home loans where the rate stays exactly the same for a fixed period of time. They typically offer a 10, 15, 20, 25, 30, and 40 year amortized fixed rate mortgage. (ie. If you had a 15-year fixed mortgage at 7%, your rate would never change unless you refinance.)
Advantages – You are locked into one rate for the life of the loan if you choose not to refinance. Your rate will never change and your payment will never change as long as your taxes and insurance remain the same.
Disadvantages – Even if you throw extra money on top of your mortgage, you will still be paying pre-calculated interest on the original loan amount due to the amortization. Sub-prime fixed rates also tend to be about .5-1% higher than a fixed rate ARM mortgage.
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Here are some of the areas in Ohio where we offer fixed rate mortgages: Canton, Cincinnati, Columbus, Cleveland, Akron, Toledo, Dayton, Hamilton, Lima and Youngstown