Orlando Fixed Rate Mortgage Calculator

Selecting the appropriate loan type is a crucial decision when navigating the mortgage journey. While an adjustable-rate mortgage may be suitable in certain scenarios, a fixed-rate mortgage is often favored by borrowers due to its stability and reassurance.

Fixed rate mortgages ensure that the interest rate remains constant for the entirety of the loan term. This rate is established at the loan’s inception and remains unchanged, shielding the borrower from any fluctuations in market interest rates.

There are numerous advantages to securing a fixed rate mortgage. With a fixed rate mortgage, the monthly payments will remain consistent, regardless of any changes in principal or interest rates. Furthermore, the initial loan payments for fixed rate loans primarily go towards interest rather than the principal.

On the flip side, there are a few potential disadvantages that borrowers should take into account when considering these types of loans. In comparison to adjustable-rate mortgages, the initial principal and interest payments for fixed rate loans are higher. Additionally, if interest rates decrease after signing the loan, borrowers would need to refinance in order to take advantage of the lower rate.

For borrowers who prefer stable principal and interest payments that do not increase with rising interest rates, as well as those who plan to stay in their home for 10 or more years, applying for a fixed rate mortgage is highly recommended. To get an estimate of payments (principal and interest) with a fixed rate loan, you can use our calculator.

If you are considering a fixed rate mortgage, the knowledgeable experts at The Orlando Mortgage Company are available to assist you. Feel free to reach out to our dedicated loan officers who can help determine the best loan option for your specific situation.

Are you interested in progressing towards prequalification? The Orlando Mortgage Company is available to provide you with assistance! Our team of professionals will guide you in making the most of any eligible benefits, including loan or down payment assistance programs.