Fixed Rate Mortgage Quotes & Sayings

Consider a 15- or 20-year fixed-rate mortgage instead of a 30-year, if you can afford the monthly payments - they may not be as high as you think. — Suze Orman

Household was making loans at a faster pace than ever. A big source of its growth had been the second mortgage. The document offered a fifteen-year, fixed-rate loan, but it was bizarrely disguised as a thirty-year loan. It took the stream of payments the homeowner would make to Household over fifteen years, spread it hypothetically over thirty years, and asked: If you were making the same dollar payments over thirty years that you are in fact making over fifteen, what would your "effective rate" of interest be? It was a weird, dishonest sales pitch. The borrower was told he had an "effective interest rate of 7 percent" when he was in fact paying something like 12.5 percent. "It was blatant fraud," said Eisman. "They were tricking their customers. — Michael Lewis

Opt for a fixed-rate rather than an adjustable-rate mortgage. — Suze Orman

American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage. — Alan Greenspan

Preserving the 30-year prepayable fixed-rate mortgage - it's like the bedrock of the housing system - is critical. — Bill Ackman