Variance and everything associated with unpredictability makes life difficult. If you received variable pay every week for work, what would happen? Fixed rate mortgages in Manhasset save you money will creating the stability every homeowner deserves.
What are fixed rate mortgages?
The fixed rate mortgage offers the same rate no matter what the fixed interest rate in the market is. Unlike variable APR rates, your mortgage is locked in with a known and predictable interest rate.
This is by far the most common type of mortgage for a reason. You can easily obtain a lower rate and save money with refinancing. Fixed rates act like insurance against the market.
Is 2020 the right time to obtain a fixed rate mortgage?
There is no better time to obtain this type of mortgage. Today’s mortgage rates in Manhasset are lower than at any point in the past 20 years. The rates can only go up as the economy improves.
Avoid paying more as rates go up. With overall down payments dipping below 10 percent, variable APR has the potential to create significant and life altering effects in the future.
What are mortgage rates in Manhasset?
Manhasset rates stand at less than three percent. A fifteen-year option currently carries a rate of 2.54 percent and a 30-year fixed rate mortgage has a rate of 2.99 percent. ARM rates are at 2.91 percent.
Even if the ARM rate is currently low, it is not likely to stay this low for long. The economy will start to improve over the next few years. The current required rate of zero percent will begin to increase. Historical rates reached as high as 10 percent.
Who should I use for a residential mortgage?
Choosing the right mortgage broker makes a world of difference. Trustworthy brokers have the lowest rates and the ability to help you cover issues with your mortgage.
Money is never free, but a broker should work with you. In an area as affluent as Manhasset, brokers should be able to handle small problems.
Is now the right time to buy?
Residential mortgages are less expensive than they have ever been in the past ten years. The conditions leading to the current situation are not likely to last. America will recover.
Still, defaulting on a mortgage is a serious problem. This single act is more devastating to your credit rating than almost any other activity other than a bankruptcy. We can help you determine the price range you can afford and offer guidance on your home buying journey.
Fixed Rate Mortgages in Manhasset
A fixed rate mortgage is an optimal choice with no unpredictability. The rate never changes unless you choose to refinance. With the current state of the economy and federally required interest rates literally at zero percent, the power is with the buyer.
Lynx Mortgage can help you capitalize on these historically low US mortgage rates. Get in touch with us today at 877-599-LYNX to schedule an appointment with our expert bankers.
Fixed Rate Mortgages Manhasset