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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
As the term implies, with a fixed rate mortgage the mortgage
rate is fixed for a set period of time, so no matter what
movements occur in the lender's standard variable mortgage rate,
the borrower's arrangement is fixed and, therefore, so are the
monthly fixed rate mortgage payments.
A fixed rate mortgage would suit someone who likes to know where
they stand. A fixed rate mortgage, as suggested by the name, is
a mortgage where equal repayments are made every month.
Fixed rate mortgages allow you to easily manage and plan your
monthly expenditure - because the payment will be the same every
month and you won't be affected by any rises in the base rate.
If the interest rates rise above the fixed rate on your
mortgage, you will see the real benefits of the fixed rate
mortgage.
A fixed rate mortgage makes it easy to plan ahead, because as
the name suggests, the interest rate on your mortgage stays
fixed.
This means that as a fixed rate mortgage customer, even if the
Bank of England Base Rate changes, the interest rate on your
mortgage remains constant over a fixed period of time. This
makes your budgeting easier, because you can plan ahead knowing
exactly how much your monthly repayments will be.
The fixed rate period can be anything between six months and
five years, but it's always best to refer to a financial
services professional before deciding what period of fixed
interest rate to choose.
The biggest advantage of a fixed rate is that irrespective of
fluctuations in interest rates, your monthly repayments remain
the same throughout the period of the fixed rate - usually six
months to five years.
A fixed rate mortgage is suitable if your mortgage repayments
take up a large proportion of your income as it protects you
from rises in interest rates. However, you would not benefit
from any reduction in the lenders standard variable rate.
Fixed rate mortgages generally incur a penalty if redeemed
within the fixed rate period.
The advantage of a fixed rate mortgage is that you know exactly
how much your mortgage will cost, and for how long. If interest
rates on your mortgage rise, well the fixed rate will not.
Conversely, however, when mortgage rates drop, your fixed rate
mortgage will not drop with them.
The key benefit of a fixed rate mortgage is that you are able to
accurately budget your repayments for a set period of time. In
addition, fixed rate mortgages are an excellent option, if it
becomes apparent that interest rates may be rising over the
coming years, as you can protect your mortgage repayments
against rises by choosing a fixed rate mortgage.
You may freely reprint this article provided the author's
biography remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available loans via the www.directonlineloans.
co.uk website.