Miami Fixed Rate Mortgage

A fixed rate mortgage is the original type of loan. As markets become more sophisticated, different types of loans came to the market. A fixed rate mortgage keeps the loan rate fixed throughout the life of the loan. These mortgages usually have a higher initial rate than an adjustable rate mortgage.

As with any loan type, fixed rate mortgage loans have some benefits and some drawbacks that the prospective homeowner may look at before on deciding on choosing this type of loan. Another aspect to consider is for how long you wish to have the loan. You can usually choose between the traditional 30 year mortgage and the 15 year mortgage.

Related Miami Fixed Rate Mortgage Articles

• The Benefits of a Fixed Rate Mortgage
• The Drawbacks of a Fixed Rate Mortgage
• A 15 Years Mortgage Vs. a 30 Years Mortgage