The Fixed-Rate Mortgage

While there are many different types of mortgage loan types which lending institutions and private lenders offer for people wanting to purchase a house, the most traditional and common type in the United States is the fixed-rate mortgage. The defining quality of the fixed-rate mortgage is that all the monthly payments are the same amount, which differentiates it from an adjustable-rate mortgage or other types of loans in which the interest rate my change.

If you or someone you love has been having trouble meeting your fixed-rate mortgage payments and would like to adjust the terms of your mortgage, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, P.C. by calling 443-546-4608 today.

A fixed-rate mortgage is defined by the principal of the loan, the term of the loan, and the frequency with which the interest is compounded. With these three factors, a formula can be created which will determine the monthly payments which you as the borrower will have to make. Fixed-rate mortgages tend to have terms of 15 to 30 years, although in some parts of the country with high property values, the terms have become even longer.

While the monthly loan-based payments will not change, the mortgage is independent from factors such as property taxes and insurance, which means that the overall amount of money you pay on your property from month to month could in fact vary. The fixed-rate mortgage itself, however, will not change.

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In this economic climate, it's an unfortunate fact that sometimes mortgage payments which were easy to make under happier economic times become more and more difficult to make when the belts tighten. If you are finding it harder to make your monthly payments, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. by calling 443-546-4608.