If you’re considering purchasing a new home in the future, the first step is to speak with a York Traditions Bank mortgage lender about the price range that is feasible for your income and lifestyle. If you’re like most homebuyers, you don’t have thousands of dollars on hand for out-of-pocket closing costs or hefty down-payments. That’s okay; our team of local Mortgage Originators in York, Hanover and the Capital Region can help you through every step of the mortgage process.
What is a Fixed-Rate Loan?
A fixed-rate loan or mortgage is one in which the interest rate remains constant throughout the maturation (or life,) of your loan. This is ideal when interest rates are low and you plan on owning the property or holding the loan for more than two or three years.
Benefits of Fixed-Rate Mortgages
Not sure which loan product makes the most sense for your financial situation? Here are some advantages to fixed-rate mortgages from York Traditions Bank:
- Ease of Planning: Because fixed-rate loans offer consistent interest rates, you can always plan ahead for your mortgage expenses since the payment amount will be the same each month.
- Security and Stability: Interest rates are currently quite low but that can change quickly. With a fixed-rate mortgage, you can rest assured that your payments won’t fluctuate with the changing economic climate.
Your Local Mortgage Lender in York
At York Traditions Bank, we are dedicated to assisting our customers with the home buying and refinancing process. If you feel that a fixed-rate mortgage is best for you, call one of our local Mortgage Originators today.