Fixed Rate Mortgage

A fixed-rate mortgage charges a set rate of interest that does not change throughout the life of the loan. Although the amount of principal and interest paid each month varies from payment to payment, the total monthly mortgage payment remains the same, which makes budgeting easy for homeowners.  The main advantage of a fixed-rate loan is that the borrower is protected from sudden and potentially significant increases in the monthly mortgage payment if the interest rate rises.  The downside to a fixed- rate mortgage is that when interest rates are high, qualifying for a loan is more difficult because the payments are less affordable. Rates have been low for quite some time and in recent weeks they have been very low. Give Consumer Mortgage & Investment Corp.  a call today to get a rate quote for your purchase or refinance.  757-552-7000 or 1-800-882-0066. Also visit our website for posted rates. www.consumermtg.com (rates are always subject to change.)