Fixed Rate
Fixed-rate mortgages are the most common mortgage for first-time homebuyers because they’re stable and are a lower risk Florida mortgage option. The rate stays the same over the term of the loan which could be for 15-years, 20-years or 30-years.
The benefits of a fixed rate mortgage are:
Payment stability – If interest rates increase, your mortgage and your mortgage payment will not be affected. This is especially helpful if you plan to own your home for 5 or more years.
Long-term planning – You can budget your monthly principal & interest expense because the payment will be the same for the entire term of your mortgage. This can help you plan for other expenses and long-term goals.
