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Get 30 Year Fixed Rates Now!
15
Year Fixed Rate Program
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.
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.
 Get a customized rate quote.  Tracking loan rates? Join RateWatch. It's easy.   3 Ways to Contact Us: o Call: 888-555-1212 o Email: Customer Service o Chat: Online, in real-time (Coming Soon) o Request a Call!
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