Who Has The Best Fixed Rate Mortgages?

Say goodbye to the volatile days of variable rate mortgages and welcome the fortuitous advent of the best fixed rate mortgages (or FRMs for short), which have added a great deal of transparency and peace of mind to borrowers.

While adjustable rate lending can be marketed and advertised appealingly, interest-rate inflation is a common problem for borrowers, who are forced to dig their heels even deeper into the ground to find new solutions that will fix the "old" solution, in a never-ending cascade of interest.

While some fixed rate mortgages will openly advertise more expensive solutions (due to interest rate fluctuation), in many cases adjustable loans have the irritating tendency to devolve from a deal, right into a nightmare. Well -- say goodbye to all that, ever since the Federal Housing Administration introduced the FRM, there's been no looking back. Borrowers have benefited from knowing how much they will have to pay, without dangerous oscillation, allowing them to make responsible loans and avoid getting a bad rep.

In this free article I will detail a few of the best fixed-rate deals I have come across while research for myself on the Internet. If you find something more attractive, please let me know!

The FHA 203(b)

The Federal Housing administration's 203(b) is a very popular fixed rate mortgage that features monthly payments over a 15 to 30 year payment span (although customizable payment schemes are known to be accepted).

This loan is open to everyone and not only first-time buyers, so long as you can afford the loan. Extra payments towards are accepted and total repayment can occur at any time without any kind of penalty. Here are some benefits of the FHA loan courtesy of Lendingtree:

• 3.5% Down Payment
• Low monthly mortgage insurance
• Low, government-capped closing costs
• Relaxed credit score requirements
• Quicker qualify post-bankruptcy

For more information about the 203(b), please view this official link. Please bear in mind that you will need to apply for an FHA loan through a private lender, but the loan is still insured federally.

State By State Rates

Despite the attractiveness of a federal loan, it may not be sufficient or may be too expensive. Therefore it is imperative that you find updated local rates from large, stable institutions. Here are a list of popular choices, complete with updated statistics on interest and long-term payment plans (bear in mind the capsule to the right of the text also has another couple of options, my advice is to check them all).

• Check the best fixed rate mortgages through Bank of America.
• Find a cheap fixed mortgage rate with ShopRate.
• Give the QuickenLoans form a shot for customized results.
• Another great resource is Lendingtree's mortgage tool

Eligibility - If you are interested in a FHA fixed rate loan, you will need to be eligible. Lendingtree has installed a crafty application that will guide tell you whether or not you meet the requirements of the program in under 2 minutes.

All other private loans will have their own requirements, but essentially, there's something for everybody.

Payment Plans - Fixed rate mortgages come in many sizes and in many forms. From 2-5 year plans all the way to 50 year plans (these are relatively new and are usually restricted to high profile loans only). The most common form of loans are the 15 and 30 year fixed variants.

Closing Costs - Many people only look at Interest rates when sizing up a loan, this can be a dire mistake. Make sure that your closing costs (they come under many different names and guises) are low, or you might end up paying quick a lot more than you intended. 

I hope you found this information useful! If I was any use to you, please leave me a message on the comments form below, along with any criticism or suggestions you may have!

Thank you very much.