There is a lot that goes into buying a home. When you decide that you are ready to do so, it means a lot more than simply looking into properties that appeal to you. For instance, knowing what kind of mortgage that you may want.
There are a lot of mortgage products out there. The most common is the 30-year fixed rate mortgage. This means looking into the various 30-year fixed mortgage rates in Ponte Vedra Beach. Knowing the current rates can influence your choice of mortgage product.
Fixed Rates
If you are unfamiliar with the different mortgage products and don’t really know what 30-year fixed mortgage rates in Ponte Vedra Beach mean, it helps to know what the different products are. Starting with fixed rate mortgages.
A fixed rate mortgage is just as it sounds. For your term, typically five years, your rate is locked in place no matter what the market does. So, if you lock in at 2.5% and the market rates rise to 4%, you keep paying that 2.5%.
Fixed Provides Consistency
There are a couple of major advantages to going with a fixed rate mortgage. The first was outlined above and can protect against major spikes in interest rates. The other benefit is that it provides consistency. There is no need to concern yourself with changes in the market; your payment is the same each and every month. That is peace of mind.
For more details on 30 year fixed mortgage rates in Ponte Vedra Beach, Please contact The Mortgage Lady Team – Fairway Independent Mortgage Corp at Web.
