Refinance - Fixed Rate Mortgages
Refinance loans from Countrywide Bank's Full Spectrum Lending Division include fixed rate mortgage options that can help you refinance to meet your long term financial goals.
A fixed rate mortgage offers an interest rate and payment that never varies over the life of the loan, an ideal solution for those on a fixed income or budget. A fixed rate mortgage refinance also appeals to homeowners who believe interest rates are more likely to increase than decrease in the future.
Typically, fixed rate mortgages cost more upfront in fees, monthly payments and interest rates than combination or adjustable rate loans. The key to determining whether a fixed rate mortgage is your best choice depends on your long-term plans. If you keep your fixed rate refinance loan for over 5 years, and interest rates rise, your higher upfront costs could pay for themselves. If you plan to stay in your loan for less than 5 years, a lower cost combination or adjustable rate mortgage refinance loan might serve you better.
Reasons to consider a fixed rate mortgage when refinancing:
Establish Fixed Payments — You can manage your finances more easily with fixed monthly payments.
Increase Long Term Savings — If you're planning to stay in your home or loan for the long-term, over 5 years, and interest rates rise, you might end up paying less than you would have if you had selected a comparable combination or adjustable rate mortgage loan.
Secure a Loan for Up to $500,000 — Obtain the refinance loan you need for your high-value home with fixed rate mortgages that offer high maximum loan amounts.
With a fixed rate mortgage, your actual monthly loan payment is a constant amount. However, keep in mind that if your monthly payment includes taxes and insurance, it may increase or decrease over the life of the loan as those costs fluctuate.
Is a fixed rate mortgage right for you? Ask one of Countrywide's experienced Home Loan Consultants. Call 1-800-909-8217 for a FREE, no obligation loan consultation to find the best available option to refinance your home loan. Get approved today! Even if you've had a financial setback in the past or have been told you have "bad credit", don't let another lender's inability to offer a full spectrum of loan options rob you of hope. At Countrywide, we believe that your future outweighs your past!
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