Types of fixed-rate mortgages
Plan your budget with a fixed-rate mortgage. Fixed-rate mortgages provide a rate that will stay the same through the life of your loan.
The 15-year fixed-rate mortgage
You will pay less in interest with a 15 year loan, however your payment will be higher. A 15-year mortgage can significantly cut down on the interest that you pay and interest rates are often lower which can provide some big savings over the long run.
This happens because you are paying more towards the principal from the beginning, but you will be mortgage-free in half the time, which is no small feat.
The 30-year fixed-rate mortgage
You will pay more in interest with a 30 year fixed mortgage, however your payments will be lower than a 15 year fixed mortgage. This is because you’re spreading out your payments over a longer period of time. If your monthly budget is tight, a 30 year fixed mortgage maybe a better fit for you.
How it Works
- Monthly payments are based on interest rate, principal loan amount, and amortized interest over 30 years. With a Fixed Rate Mortgage, your interest rate will never change, even if market rates increase!
- Your payment will not change throughout the life of the loan.
- Your actual payment will vary based on your situation and the current interest rates when you apply.
- Pay your mortgage off at any time without pre-payment penalties.
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