Subject: Fixed Rate Mortgages vs. Adjustable Rates

Fixed Rate Mortgages are beneficial to borrowers on fixed
incomes or who do not have the financial means to cushion for the
fluctuations of Adjustable rate mortgages.

These rates give the home buyer stability by providing a fixed
monthly payment that does not change through out the course of
the loans life.

Fixed rate mortgages are amortized into equal monthly payments over
the term of 15 or 30 years depending on the terms of the loan.

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15-year loans usually have a lower interest rate but yield a higher
monthly payment to pay off the loan balance in half the time of
that of a 30-year mortgage.

This loan can be beneficial to the borrower because the borrower pays
less than half of the interest it pays on a 30- year loan.

The total interest paid at the end of a 30-year loans life usually
exceeds the principle sometimes by 1.5 times.

15-year home loans are popular among buyers who have the
financial means to pay the higher monthly payments and those who
want to pay off their mortgages before their children attend
college.

It can also benefit middle age home buyers who would like to pay
off their mortgages before retirement.

30-year loans are the most common mortgages. Most people do not
have the financial means to finance a home over a 15- year
period.

30-year loans offer lower monthly payments over a period of 360
months (360 payments) although the interest rates are typically
higher than that of a 15-year loan.

30-year loans also give the buyer an option to pay the loan off in
23-years by using an accelerated payment plan.

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In this plan the borrower may make 13 payments a year instead of 12
by either a) making bi monthly payments every two weeks which the
buyer makes a total of 26 payments with in the year instead of 25 or
by b) paying an additional 1/12th of a mortgage payment on top of
the scheduled monthly payments.

These options should be discussed with the lender to insure that the
exceeded amounts are distributed entirely to the principle.

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Thank you,

Max Taylor
http://taylor-marketing.blogspot.com