30 year
fixed mortgage is a type of mortgage loan that is repaid by the borrower making
360 equal monthly payments over a period of 30 years. Since the borrower's
payments are 'fixed', the borrower can expect to make the same monthly payment
for the entire term of the loan. A 30 year mortgage loan is the most widely
accepted program used to finance a residential purchase, and is available for
conventional, jumbo, FHA and VA loans.
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A 15
year fixed mortgage is a type of mortgage loan that is repaid by the borrower
making 180 equal monthly payments over a period of 15 years. Since the
borrower's payments are 'fixed', the borrower can expect to make the same
monthly payment for the entire term of the loan. A 15 year mortgage loan is also
one of the most widely accepted program used to finance a residential purchase,
and is available for conventional, jumbo, FHA and VA loans. The downside of a 15
year mortgage is the higher payment which may not be affordable to
everyone.
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Now!
Other Fixed Rate Terms
Some Lenders will also offer tems of 25
Years, 20 Years or 10 Year terms. While the 10 year loan would have a very
high payment compared to the other terms, it will save a considerable amount of
interest and build equity faster. However, many people will find that the
payments are just not affordable.
As an alternative to a 30 year loan, many
borrowers will choose a 25 year or 20 year term. The payments are not to
much higher but help a borrower builder equity in the home at a faster rate
reduce the total interest cost on the loan.
You should consult with you loan officer
who will help determine the best program to help you reach your
goals.
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Rates Now!
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