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.

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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