The most common type of mortgage is the fixed rate mortgage. This mortgage type features a 15 or 30-year term length with a fixed rate that never adjusts upward or downward during the life of the loan.
There are benefits and drawbacks to this type of loan.
The advantages of the fixed rate mortgage outweigh the downsides, which makes this loan type attractive to many home buyers. We’ve listed the most important advantages here.
There are a few drawbacks to the fixed rate mortgage loan type.
After weighing the benefits and drawbacks, it’s apparent that the fixed rate mortgage provides many advantages to clients wishing to fund a home purchase. If you can't qualify due to your credit score or other issues, consider an alternative mortgage program.
But otherwise, the fixed rate mortgage is one of the best mortgage types available today.
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