Boston condo buyers why you should select a fixed mortgage
When shopping for a Boston condo for sale fixed-rate mortgages are often one of the best options. This type of mortgage has a fixed interest rate throughout the entire period of the loan. This makes it different from variable and adjustable mortgages. Though qualifying for a fixed-rate mortgage can be challenging, you may want to go for this sort of mortgage. Picking a fixed-rate mortgage means you get access to the following benefits.
You’ll Always Know What You’ll Pay
There’s absolutely no uncertainty with a fixed-rate mortgage. Since you can tell what your entire monthly mortgage payment on your Beacon Hill condo will be. Instead of dealing with financial uncertainty in your future, you can make informed decisions. You don’t have to worry about your mortgage payments soaring so high that you cannot meet them.
High Interest Rates Don’t Affect You
The biggest draw of a fixed-rate mortgage is that it won’t spike if interest rates go up. If you lock in a mortgage interest rate when it’s fairly low, you won’t have to pay high mortgage rates at during your loan. You could end up saving thousands of dollars on your new Boston condo. Since inflation tends to make housing prices go up, your monthly payment may end up being relatively small in the later years.
You Can Easily Shop Around
When searching for a Boston condo for sale, shopping around and comparing different mortgage is an essential part of the home-buying process. But it gets confusing when banks are offering complicated mortgages with all sorts of varying or adjustable rates. With a fixed-rate mortgage, what you see is what you get. You end up with one clearly defined number you can compare to other offers to find the most affordable mortgage.
Prepayment Penalties Are Lower
In contrast to adjustable-rate mortgages, the average fixed-rate mortgage don’t have high prepayment penalties. You can finish paying off your mortgage sooner, which saves you money and lets you build equity faster.
The Tax Perks Are Better
Boston Beacon Hill condo owners are allowed to deduct some of the cost of their mortgage interest from their annual taxes. Due to the way they’re structured, fixed-rate mortgage payments go primarily to interest for the first few years. This lets you save big on your taxes in the early years when you’re more likely to need a little financial help.
If you’re buying a Boston condo for sale, one of the smartest choices you can make is going with a fixed-rate mortgage. Another intelligent choice is to work with Boston downtown real estate agents with years of comprehensive knowledge of downtown Boston real estate. The professionals at Ford Realty can help you find the Boston high rise condo that’s perfect for you. Give us a call today at 617-595-3712.
