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A fixed rate mortgage means the interest rate is fixed or stays the same through the life of the loan. The interest rate is known upfront, which means a business owner does not have to deal with fluctuating interest rates.
A fixed rate mortgage benefits business owners because these types of mortgages are easy to understand and lack teaser rate features that can be dangerous for property owners. These teaser rates often only include the owner paying only interest for the first few years. After a certain period, the principal balance is added, causing payments to increase dramatically. Terms on fixed rate mortgages are generally 15 to 30 years, but shorter and longer terms can also be negotiated. Most banks and credit unions offer fixed-rate loan options including Bank of America, U.S. Bank, and Wells Fargo.
Fixed-rate mortgages are more expensive than other types of mortgages because the interest rate will start higher. However, when interest rates increase on adjustable rate mortgages, the rate on a fixed rate mortgage remains the same. Pre-payment is an option on a fixed rate mortgage, which allows the business owner to pay additional money toward the principal. This will reduce the amount of the mortgage loan and shorten the length of the loan.
Read more about a fixed rate mortgage from the links on this Business.com page.
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