Fixed Rate Mortgage Program

The Fixed Rate Mortgage Program is a mortgage industry staple. With very few exceptions, every Loan Product in existence carries Fixed Rate Mortgage programs. The most commonly known version of the Fixed Rate Mortgage is the 30-Year Fixed Rate Mortgage. It is, by many factors, the most conservative mortgage obtainable. We might go so far as to call it “vanilla.” Like every Fixed Rate Mortgage, throughout the term of the loan, the interest rate and loan payments do not change; at the end of the term, the mortgage will have been completely repaid in full.

It is worth noting here, that in fixed-rate-mortgages (that do not have an interest only option,) the term of the loan, or the amount of time in which the mortgage is repaid (i.e. amortized,) directly affects the amount of the monthly payment. A longer term means a smaller monthly payment; and conversely, a shorter term means a larger monthly payment. The quicker a loan needs to be repaid, the larger the monthly payments have to be.

Depending on the secondary markets, interest rates are typically lower on shorter-term and variable-rate mortgages. However, the (relatively small amount of) additional interest you pay for a 30-year-fixed mortgage over another mortgage with a shorter term is usually worth the advantage of having the stability of a lower monthly payment throughout the life of the loan. (Note: With the rare exception of a lender offering a 40-year term, 30 years is the longest and most common amount of time over which a loan is repaid.)

Features & Benefits

  • Payment predictability and security: Your monthly payment will not change.
  • Economic safety: No matter what happens to the economy, your interest rate will never change.
  • 10, 15, 20, and 30 year loan terms are available.
  • May be combined with Interest Only or Balloon Payment options for additional savings.

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