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National City Mortgage
Benefits of National City Mortgage
What is a Mortgage?
Fixed Rate Mortgages
Adjustable Rate Mortgages
Affordable Housing Programs
Additional Mortgage Options
New Home Construction Programs
The Benefits of Home Equity
Why Refinance With National City
Payment Options
Assistance to Keep Your Home
Assistance Option When Giving Up Your Home
National City Mortgage Insurance Options
Mortgage Life Insurance
Mortgage Pre-Approval
What You Need to Buy a Home
Application Process
Frequently Asked Questions

Fixed Rate mortgage

When you are purchasing a new home there are so many unpredictable factors why should your mortgage rate be just as unpredictable? A fixed rate mortgage is a simple solution to that. You will always know what your payment will be. Your interest rate stays the same throughout the length of your mortgage. The state of the market recently shows how the rates can change. Luckily for us, it has been a downward trend, but just as easily it could go in the reverse direction.

If you don’t want to be at the mercy of the market, then choose a fixed rate mortgage. Similarly, at times like these, when the mortgage rates are low, it is the perfect time to lock in a low rate on a fixed mortgage.

National City Mortgage offers a variety of fixed rate mortgage options for those who want the security and stability of consistent mortgage payments. Most often people choose from a 15-or 30-year mortgage term. This insures that the rate of your mortgage will not change for this set amount of time, unless you decide to refinance for a lower rate at any time.

Whether you choose a 15-or 30-year loan depends on how much you want to spend, the cost of your home and your financial status. Obviously a 30-year loan is much longer and will allow you to incur much lower monthly payments since they are extended over twice the time of a 15-year loan.

A 15-year loan makes sense if you can afford to pay higher monthly payments and thus obtain faster equity on your home, since it will be paid off faster. This will make the house much more valuable to you in a shorter period of time.

When purchasing a home and deciding if you want a fixed rate mortgage or not consider a few things before deciding: Do you think interest rates will rise in coming years? Do you want a consistent payment plan? Do you have a tight budget for home costs? If you answered yes to any of these questions, then a fixed rate mortgage may be right for you.


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