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Pittsfield, MA -- (SBWIRE) -- 05/23/2013 -- does, and is happy to share its knowledge, including:

- Differences between ARMs and FRMs
- Benefits vs. Detriments of Fixed Rates
- Interest Rates for Fixed Rate Mortgages
- Getting the Best Rate

Fixed Rates vs. Adjustable Rates

Several differences exist between fixed rates mortgages and ARMs. One is that adjustable rate mortgages (ARMs) are generally lower than fixed rate mortgages (FRMs). This makes a difference for a first-time home buyer. A lower down payment comes with an ARM, which is why so many new buyers gravitate away from an FRM. It is always doable to change the interest rate from one to the other later on.

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Pluses and Minuses of FRMs

The 15- and 30- year-term mortgages are common. There are advantages and e disadvantages to both, one being that the lowest fixed mortgage rates may not be at their bottom level. For a 30-year mortgage, a plus is the power to borrow money without being concerned about changing rates. A minus is that the home’s equity takes time to build because the loan is stretched out for years. On a 15 –year mortgage, the plus is that equity in the house builds up very quickly. The minus is that the monthly payments can be higher than those for an FRM.

Compare Interest Rates on FRMs

Interest rates on FRMs vary from one financer to another. Compare those offered not just by local lenders, but also by online lenders. It’s also not a bad idea to check into a Fixed Rate Reverse Mortgage, for when one owns his house outright and is over age 62. If one is still a “spring chicken,” she will not be able to lock today’s rate in, but it can’t hurt to find out how a reverse mortgage works and how much variation there is between fixed rates on them from year to year.
Finding and Locking in the Best Rate

The smartest time to take on a fixed rate mortgage is when interest rates are very low. Find a fixed interest rate mortgage that suits one’s income and sign on the dotted line, particularly if one plans to reside in the house for 10 years or more. Recently, FRMs have been at historic lows, some less than 4%, which has resulted in new buyers choosing them over the less stable ARMS.

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