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Fixed Mortgage Rates Omaha

Fixed mortgage rates Omaha

The difference between fixed mortgage rates and adjustable mortgage rates often boils down to time. Adjustable mortgage rates tend to be lower in short time periods, but higher throughout a normal interest rate cycle. The first thing to look at when deciding the fixed mortgage rate vs adjustable mortgage rate question is how long the loan is going to be kept.  Adjustable rate loans rise as interest rates rise and likewise fall as interest rates fall. They are less risky for the lender as they adjust to changing rates, albeit at a slower rate. Fixed rate loans  offer payment certainty that adjustable rate mortgages do not offer and are more popular. Usually, fixed mortgage rate loans are a better fit for buyers as the differential in rates is not much higher in the beginning and the fixed payment avoids surprises later on.

Whether you select a fixed rate mortgage or an adjustable rate mortgage neither is permanent. When your needs change you can refinance, often at no cost to a more suitable mortgage. Of course, you will be subject to then current mortgage rates. If rates were high at the time the mortgage was taken out you are more likely to refinance as rates fall to lower your monthly payment. To learn more about fixed mortgage rates Omaha visit our Mortgage Services page.

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