Fixed Rate Mortgage

NJ Lenders Corp.

What Is A Fixed Rate Mortgage?As its name implies, a fixed rate mortgage is one where the interest rate

What Is A Fixed Rate Mortgage?
A fixed rate mortgage offers a consistent interest rate throughout the entire duration of the loan. This differs from other loans, such as adjustable rate mortgages, where the interest rate may change over time. Fixed rate mortgages are the most popular home loans because of the consistent mortgage payments that remain steady over the life of the loan.

Fixed rate mortgages, however, typically have higher mortgage payments than adjustable rate mortgages. The fixed interest rate and longer loan terms associated with fixed rate mortgages lead to the slightly higher rates. Loans with longer terms will have a higher interest rate than loans with shorter terms due to interest rate risk, or the possibility of fluctuating interest rates.

Benefits of a Fixed Rate Mortgage
Borrowers with a fixed rate mortgage benefit from an interest rate that does not change over time. This allows you to budget your finances and plan for a consistent, fixed payment over the duration of your loan. Fixed rate mortgages also allow borrowers to lock in an interest rate and principal payment for the entire life of the loan. The rate and principal payment never increase, even as the market fluctuates.

Other benefits include:

• Competitive interest rates
• Locked interest rate for the life of the loan
• Easy-to-understand loan terms and paperwork

Get Pre-Qualified for a Fixed Rate Mortgage
With flexible options, program expertise, and superior service, LendGen works with you from application to close to ensure a smooth loan process. Let’s find a loan program that meets your financial needs and goals today.  Get started today.