This "traditional" type of loan maintains its original interest rate throughout the entire life of the loan. (Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time.) Fluctuations in market rates, over the term of your loan, won't have any impact on the amount of interest you pay because that rate is already "fixed." A Fixed Rate Mortgage loan may be a good choice if you:
- Want the security of knowing your interest rate will not change, nor will your monthly payment, unless property tax and insurance amounts change
- Plan to stay in this home for several years
- You don't expect your income to increase significantly in the coming years
Our Loan Consultant can find the loan that's right for you and give you quotes on current interest rates and closing costs. Or select the specific loan program below that interests you to learn more.
15 Year Fixed - FHA
| Best Choice If:You want to own your home more quickly.
You think interest rates will increase. | Advantages:Fixed rate of interest.
Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments. | Disadvantages:Your monthly payment will be significantly higher than with a 30-year mortgage. |
15 Year Fixed - VA
| Best Choice If:You want to own your home more quickly.
You think interest rates will increase. | Advantages:No Private Mortgage Insurance (PMI) payments.
No down payment.
Low credit scores can qualify. | Disadvantages:Your monthly payment will be significantly higher than with a 30-year mortgage.
|
30 Year Fixed
| Best Choice If:You plan on staying in the home long-term.
You think interest rates will increase.
You don't expect your income to increase significantly over the coming years.
You need to qualify for the largest loan possible. | Advantages:Fixed rate of interest.
Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments. | Disadvantages:You end up paying more in interest charges over the life of the loan.
Benefits of the fixed rate are not realized until after the 10th year. |
30 Year Fixed - FHA
| Best Choice If:You plan on staying in the home long-term.
You think interest rates will increase.
You don't expect your income to increase significantly over the coming years.
You need to qualify for the largest loan possible. | Advantages:Typically lower rates than conventional mortgages.
Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments. | Disadvantages:You end up paying more in interest charges over the life of the loan.
Benefits of the fixed rate are not realized until after the 10th year. |
30 Year Fixed - VA
| Best Choice If:You plan on staying in the home long-term.
You think interest rates will increase.
You don't expect your income to increase significantly over the coming years.
| Advantages:No Private Mortgage Insurance (PMI) payments.
No down payment.
Low credit scores can qualify. | Disadvantages:You end up paying more in interest charges over the life of the loan.
|
20 Year Fixed
| Best Choice If:You want to own your home more quickly.
You want to retire debt free.
You'll be retiring in less than 30 years.
You want to stay in your home once you retire. | Advantages:Cut mortgage length by as much as 1/3rd.
Save a significant amount of money in interest payments.
Lower interest rate. | Disadvantages:Your monthly payment will be significantly higher than with a 30-year mortgage. |
15 Year Fixed
| Best Choice If:You want to own your home more quickly.
You want to retire debt free.
You'll be retiring in less than 30 years.
You want to stay in your home once you retire. | Advantages:Cut mortgage length in half.
Save a significant amount of money in interest payments.
Lower interest rate. | Disadvantages:Your monthly payment will be significantly higher than with a 30-year mortgage. |
10 Year Fixed
| Best Choice If:You want to own your home more quickly.
You want to retire debt free.
You'll be retiring in less than 30 years.
You want to stay in your home once you retire. | Advantages:Cut mortgage length by as much as 2/3rds.
Save a significant amount of money in interest payments.
Lower interest rate. | Disadvantages:Your monthly payment will be significantly higher than with a 30-year mortgage. |
