Total Mortgage is currently offering a 30 year fixed conventional mortgage in Connecticut with a 4.125% mortgage rate and a 4.323% APR. These are amongst some of the lowest current mortgage rates in the entire state. A fixed rate mortgage, also known as a conventional mortgage, has a constant interest rate throughout the life of the loan. On the other hand an adjustable rate mortgage (ARM) has an interest that fluctuates based on different market conditions.
With such low mortgage rates on a 30 year fixed conventional mortgage in Connecticut there is no reason to consider any other mortgage product. By taking out an adjustable rate mortgage (ARM) you may run the risk of mortgage rates increasing after you lock your loan. 30 year fixed rate mortgages are the most popular mortgages at this point in time. One reason many people are taking out these mortgages is because they offer lower monthly payments than a 20 or 15 year fixed conventional mortgage.
Fixed rate mortgages have three basic characteristics. The first is the term of the mortgage; in this case it is a 30 year term. Second is the amount of the loan which will vary on a case by case basis. The last is the compounding frequency, which can be yearly, monthly, etc.
For more information on a 30 year fixed conventional mortgage fill out this form or call 877-868-2509 to speak with a licensed mortgage expert.
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Jeff Ragan
July 20, 2010 @ 4:08 pm
Great information. A fixed rate remortgage or new mortgage gives you peace of mind on outgoings. With a fixed mortgage you know that whatever happens to interest rates, your monthly payments will stay the same for the agreed period.
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