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Florida Fixed-rate Mortgages

Simply put, a fixed-rate mortgage means that you will be paying the same amount of principal and interest for the entire period of your loan. With a fixed rate mortgage, even if your property taxes and insurance premium go up, you will still be subjected to a fairly stable payment scheme. This will make it easier for you to budget your expenses.

Kinds of fixed-rate mortgages

Florida offers a variety of fixed-rate mortgages. There are different terms available starting from 10-year, 15-year, 20-year, to 30-year payment schemes. There are even some fixed-rate mortgages that are paid second mortgages bi-weekly. This means that you get to pay a fixed amount every two weeks and in effect, it will shorten the life of your mortgage.

How it works

In a fixed-rate mortgage, a large percentage of your amortization will go to the interest and just a small part of it will go to the principal. This will gradually reverse as the mortgage matures. If you are able to get a good deal on your interest rate, a fixed-rate mortgage locks your interest rate in low levels for the rest of the term.

The downside

A fixed-rate mortgage could be hard to obtain if you do not have a positive credit file. This is most commonly the case as second mortgages fixed-rate mortgages have stricter guidelines and higher standards for requirement (compared to other non-conventional programs). It is also possible that you may have to pay higher interest rates compared to adjustable mortgages to be able to secure a fixed-rate. And because fixed-rates do not vary throughout the whole life of the mortgage, you will literally lose money in the event that interest rates in the market go down.

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