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The housing crisis in the United States, and for that matter around the world, was thought by many to be caused by a lack of understanding by borrowers of the loan risk they were assuming. In fact, the inherent cause of the housing bubble, or any other bubble for that matter, is, was and always has been uncontrollable greed. How we got there is quite another story, one on which books have been written.So here we are in a real estate world that has changed dramatically. If you’re a home buyer, the choice of homes couldn’t be greater and the interest rates are lower than they have been in decades. If you qualify for a mortgage, the only question today is which mortgage is best for you.All home loans are either fixed rate or adjustable rate loans. The big difference between the two is that a fixed rate loan maintains the same payment over the life of the loan while an adjustable rate loan can change if interest rates rise.

Statistically, most homeowners stay in their home for only 5 – 7 years before they sell for various reasons. For this reason, many home buyers choose an adjustable rate loan with a fixed rate for 3, 5 or 7 years to match the time they believe they will live in their home before selling. As long as the interest rate is lower than that of a fixed rate loan and everything goes as planned, the adjustable rate loan would be ideal. But what if plans change?

Nothing is certain. Plans change. Lives change. Sometimes for the better; sometimes for the worst. At least with a 30-year fixed mortgage, you can find stability in a rocky world. Knowing that your mortgage payment will not change, and especially not increase, is a comfort when everything else is uncertain. The 30-year fixed mortgage allows for an affordable payment that won’t change no matter whether you live in the home for 3 years or 30 years. It’s a lot like insurance in that the 30-year fixed mortgage gives you peace of mind, a distinct advantage in a topsy-turvy world..
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What Makes The 30-Year Fixed Mortgage So Popular?

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If there is one thing that makes the 30-year fixed mortgage so popular, it’s that it makes budgeting for your monthly living expenses so much easier when you know that your mortgage payment is constant. So even though the 30-year fixed mortgage has a higher interest rate than some other types of loans, the peace of mind that it provides to borrowers is worth it.

The recent housing crisis is a testament to the toll that adjustable rate mortgages can take on ones budget. If everyone that lost a home because of an interest rate adjustment had only had the traditional 30-year fixed mortgage, much of the collapse in the housing market may have been avoided.
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Best Online Source For A 30-Year Fixed Mortgage

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As a real estate broker, I am always working with lenders. In the current mortgage climate, it has been difficult to find one that can deliver the goods on time all the time. Every real estate contract has a closing date that needs to be met. Many lenders today are finding it hard to meet that date no matter how much time you give them.

Six weeks from the time a real estate contract is initiated until closing is not unreasonable. Yet the big banks — Chase, Wells Fargo, Bank of America — rarely deliver, especially on the so-called government loans, FHA and VA. For some reason these loans pose a significant problem for the large, institutional lenders to process in a timely manner. Eight weeks is often not enough time. This can result in a great deal of stress for both buyer and seller. In some cases, buyers that have their heart set on a particular home have lost out to another buyer all because their lender couldn’t close the loan in time.
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So who can deliver a 30-year fixed mortgage  on time?
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From my perspective, Quicken Loans is one of the few lenders that can deliver a 30-year fixed mortgage — even with FHA and VA loans. Quicken Loans is an online lender, so they are available in every state.  Even though Quicken Loans employs the latest technology in the lending process, you are never more than a phone call away from a friendly loan officer for that personal touch and a 30-year fixed mortgage.

Whenever you might be in need of a 30-year fixed mortgage as a home buyer or to refinance an existing mortgage, I strongly suggest you give Quicken Loans a try.