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The Details: Fixed Rate Loan Program

A fixed rate mortgageoffers homeowners a range of lending terms—30 years, 20 years, 15 or 10 years, enabling them to choose a loan that best fits their budget, lifestyle and income expectations. Since the interest rate is locked in over the life of the mortgage, a fixed rate mortgage gives you the security of knowing your house payment will never change. And fixed rate mortgages are available for financing a primary residence, a second home or even investment property, with no penalty for paying off the loan early.

As you consider which term is the best for you, consider these fast facts about fixed rate mortgages:

  • No matter what term you're borrowing for, most of your initial monthly payment will be applied toward interest. As the term begins to expire, most of your payment is then applied toward principal.
  • If your budget can handle it, consider a short term of 10, 15 or even 20 years instead of 30. You’ll have a higher monthly payment, but will pay much less interest. Not only will you accumulate equity in a house at a faster rate, you’ll own your home sooner.

Sound good? It is, if you’re looking for the minimal risk and budget security that comes with a fixed rate mortgage. You’ll know your mortgage costs each and every month. However, since this type of mortgage pays down interest first, you may be subject to a slightly higher interest rate—or premium—than the introductuctory premiums offered on an adjustable rate mortgage. Higher interest means higher payments, so you may not qualify for the maximum mortgage you’re considering.

Questions?  We're here to help.  Simply contact a personal MortgageEase consultant to find out if a fixed rate mortgage is right for you!

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