Fixed-Rate Loans for homes in Kansas City

fixed rate home loansWhen you’re in the market for a new home, all the different loan options can leave your head spinning. Fortunately, it isn’t too difficult to sort them all out with a little help from a reliable quick-closing mortgage lender in Kansas City. One of the most common types of mortgages is what is known as a “fixed-rate loan,” named as such because the rate of interest stays the same throughout the life of the loan. There are many advantages to fixed-rate loans, one of which is that the total amount you pay each month remains the same, which makes it easy for you to budget.

Fixed-rate loans account for roughly 75% of the home loans on the market. Because their interest rate is locked in at the time you borrow the money, fixed-rate loans in Kansas City are often seen as “safer” and more easily understood than adjustable-rate loans. Even once you’ve selected a fixed-rate loan, however, there is a range of options under that larger loan umbrella that may be available to homeowners who qualify, depending on your circumstances.

Fixed-Rate vs. Adjustable-Rate Loans

Many homeowners opt for fixed-rate loans as opposed to adjustable-rate mortgages (ARMs) because they like the peace of mind that comes with knowing what their interest rate is going to remain the same for as long as they have the mortgage. However, ARMs have their advantages, too, including lower initial payments and the ability to qualify for larger loans. Ultimately, which one is right for you will depend on a variety of factors, including your income and lifestyle and the current interest rate market. Talking with your lender can help you decide on the loan type that is right for you, your home, and your situation.

First Fidelis for Fixed-Rate Loans

When it comes time to choose the loan that’s right for you, First Fidelis is here to help you make sense of it all, whether you’re buying your first home or your fifth. As a leading quick closing mortgage lender in Kansas City, First Fidelis knows the advantages and disadvantages of each type of loan available to you, and can help you choose the loan that’s right for your situation and make sure that closing is quick and hassle-free. So if you’re ready to buy your next house, or would just like to learn more about fixed-rate loans in Kansas City, contact First Fidelis today!

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