Pittsfield, MA -- (SBWIRE) -- 06/24/2013 -- Real-estate-yogi.com is here to help them decide by sharing its wisdom about fixed rate home loans, including:

- Defining Fixed and Adjustable Rates
- Comparing FRMs and ARMs
- Check out Different Lenders
- High-Risk Financers

Understanding FRMs and ARMs
Fixed rate home loan rates (FRMs) never change. This makes it easy to budget in the mortgage payment each month. If a buyer gains financing when rates are low, he’ll be able to keep that low rate through the life of his loan. An adjustable interest rate (ARM) fluctuates. However, the rate starts out lower than that of a fixed rate loan, which is why new home buyers gravitate toward this financing option.

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Pluses and Minuses of FRMs & ARMs
When searching for the best fixed rate home loan, it’s good to keep in mind that most home buyers save more money with ARMs than with FRMs, which is a big plus for ARMs. The selling point for an FRM is its stability.The downside of an FRM is also its stability. When a homeowner with an ARM is paying a very low rate, the one with an FRM will still be paying the higher rate he signed on for. By the same token, when the rates skyrocket, those with an ARM may be scrounging about for the additional money to make their payments.

Talk to Several Lenders
Look around for the lowest fixed rate home loa n. Lenders will “fight” for one’s business, and rates can vary from one of them to another. The lower the rate on the mortgage loan, the more money remains in one’s pocket. A difference or a half a percentage point can mean thousands more in the bank account, so let financers know that they are being compared to their rivals and see which one comes up with the best deal.

High-Risk Lenders
If a person has poor credit, it may prove difficult for him to get the best fixed rate home loan. Having a low credit score makes traditional lenders reluctant to approve a loan. This is why there are high-risk financers. Generally not associated with any bank, these are businesses that guarantee a loan to anyone, regardless of his credit standing. Expect that the interest rate will be high, but don’t worry; if one develops an excellent payment history, it can be lowered.

About Real-Estate-Yogi.com
www.real-estate-yogi.com is a helpful, no-cost consumer resource website located in Pittsfield, Massachusetts whose goal is to bring together those seeking answers to their realty-related questions and the experts in the field who can provide them. For a free consultation, dial 1-800-987-1397.