Fixed rate mortgages are often the most widely obtained and known type of mortgage. As the name implies, these type of mortgages have a fixed interest rate offering stable rate and payments. With the fixed rate, the interest rate will not increase over time and your payments will remain the same. Fixed rate loans have an interest rate that remains the same for the entire length of the loan as opposed to an adjustable-rate mortgage (ARM) where the interest rate changes after a certain amount of time.
If your goal is long-term home ownership, a fixed rate mortgage gives you the comfort of knowing your monthly payment on a consistent basis. Fixed rate mortgages are often popular with first-time homebuyers as they allow for predictable monthly payments allowing for easier budgeting and planning. Loan lengths are available in a variety of terms, with the most common being 30 years. Fixed rate mortgages come in a range of conventional and government loan options available including FHA, VA, & USDA, as well as in Jumbo loan options.
Not all mortgage brokers in Michigan are the same, and Locked-IN Lending, LLC is different than other brokers. Whether you’re buying a home in Macomb County or Oakland County, we can help you buy it. We will find you the lowest down payment, lowest rate, or lowest mortgage payment available.