If you’re buying a house, you’ll most likely need to borrow money through a mortgage – and for many people, the right solution is a fixed-rate mortgage.
But what is a fixed-rate mortgage, and why do some people choose them?
What is a Fixed-Rate Mortgage?
A fixed-rate mortgage is one in which your interest rate stays the same over the course of your loan. Your interest rate won’t go up, and neither will your payments, so you’ll always know how much to budget, whether you have a 10-year, 15-year or 30-year mortgage.
Advantages of Fixed-Rate Mortgages
- Your rate and payment stay the same for the entire life of your loan
- They’re typically straightforward and easy to understand
- You know how much to budget for
Disadvantages of Fixed-Rate Mortgages
- If you want a lower rate down the road, you’ll have to refinance
- Payments can be higher than they would be with an adjustable-rate mortgage, at least initially
- The terms you’ll get are pretty much the same between all lenders, with only minor differences
Are You Buying a Home in Charlotte?
If you’re moving to Charlotte, we can help you find the perfect home. Give us a call at 704-608-2794 or get in touch with us online to let us know what you’re looking for. We’ll help you find it!
Check out our:
- North Charlotte homes for sale
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Looking outside the city? Check out:
- Ballantyne homes for sale
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- Steele Creek and Lake Wylie homes for sale
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