Florida Fixed-rate Mortgage Loans
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A fixed-rate mortgage loan is a traditional form of mortgage and could require a positive credit history in order to be approved. Fixed rate mortgages in Florida are available in different terms. The most common of which are the 15, 25, and 30-year period.

Fixed-rate defined

Simply put, a fixed-rate payment is having to pay a fixed amount of monthly mortgage and interest throughout the term of the mortgage. The different terms may vary from ten up to thirty years. There are also those that are called biweekly mortgages where you pay every two weeks. This also shortens the life of the loan. A large bulk of the amortization in a fixed-rate loan usually goes to the interest rate in the early period, and a smaller percentage to the principal. But this reverses as the loan matures.

Advantages

The great thing about fixed-rate loans is the obvious--you pay the same amount for principal and interest every month for the life of the term. It does not go up so it is fairly stable. This will also give you an easier time to budget your money for the long-term because your mortgage projection is fixed. If you are able to get a good deal on your interest rate, then you are locked with a low rate for the whole term.

Disadvantages

The strength of the fixed-rate loan could also be its major disadvantage. Because it is a fixed rate throughout the whole period of the loan, rates do not go down. In adjustable loans, there are instances when the rates go down, allowing you to pocket the money that would have been for amortization. You may also have to pay a higher interest rate to secure a fixed-rate loan. Fixed rates also have higher qualifying guidelines that may not be good news for people who do not have a positive credit profile.

Florida Mortgage Loans provides detailed information on Florida Mortgage Loans, Bad Credit Florida Mortgage Loans, Florida Mortgage Loan Calculators, Florida Mortgage Loan Rates and more. Florida Mortgage Loans is affiliated with Second Home Equity Mortgage Loans.

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