Georgia mortgage loans is committed to helping you find the right mortgage product for your needs in Rome. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
A fixed-rate mortgage is a mortgage on which the interest rate
is set for the term of the loan. Your interest rate stays the
same for the term of the mortgage or for a specified period of
time.
Most people use a fixed-rate mortgage. In fact, about 75 percent
of all home mortgages have fixed rates. The main advantage of a
fixed-rate mortgage is that you always know exactly how much
your mortgage payment will be, and you can plan for it.
A Fixed Rate mortgage will offer you the security of knowing
that your mortgage interest rate will not change during the term
of your fixed rate. For example, a lender can offer a 30-year
fixed loan to a homebuyer at a 6.5% interest rate. The loan is
locked in to the 6.5% interest rate, even if the market interest
rate rises to 8.0%. Conversely, if the market interest rate
decreases to 4.5%, you will continue to pay the 6.5% interest
rate. A Fixed-Rate Mortgage applies the same interest rate
toward monthly loan payments for the life of the loan.
Features of Fixed-rate Mortgages:
- Straightforward and easier to understand than Adjustable Rate
Mortgages.
- More secure for the buyer and very popular with first-time
home buyers.
- Ideal for anyone who likes to budget monthly expenses and
plans to keep their home for several years.
- Since the risk to the lender is higher, fixed-rate mortgages
generally have higher interest rates than Adjustable Rate
Mortgages.
- Tend to have higher initial monthly payments compared to those
of adjustable rate mortgages.
- Fixed-rate mortgages are less flexibility than adjustable rate
mortgages (ARMs).
With adjustable rate mortgages(ARMs) the interest rate is not
fixed, but changes during the life of the loan in line with
movements in an index rate. The advantage of an Adjustable Rate
Mortgage is that you may be able to afford a more expensive home
because your initial interest rate will be lower. In a
fixed-rate mortgage, your interest rate stays the same for the
term of the mortgage.
About the author:
Copyright © 2005. Chileshe Mwape writes for The Secured
Personal Loans Website at:
http://www.secured-personal-loan.org.uk/ and he’s also a
regular contributor at
http://www.fixed-rate-mortgages.blogspot.com/