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A fixed rate mortgage is a mortgage that has a fixed interest rate for the entire term of the loan.
The most distinguishing factor of a fixed-rate mortgage is that the interest rate never changes for the duration of the loan.
With a fixed rate mortgage the homeowner does not have to worry about his or her monthly loan payments going up with interest rates.
Once the rate is assigned, the rate and the principle and interest payment amount stay the same for the entire duration of the loan.
Generally, a fixed rate mortgage comes with a term of 15 or 30 years. However, it is not unheard of to come across a 10 or 50 year fixed rate loan product.
One thing to keep in mind when selecting a term for your mortgage is that the longer the term, the more interest you pay. That being said, a 15 year fixed rate loan pays substantially less interest than it’s 30 year counterpart.
Do you intend to stay in your home for a long time?
Do you want a consistent mortgage payment so you know what to expect
Does your well being depend on a mortgage payment that never changes over the life of the loan?
A 30 year fixed rate mortgage would probably be right for you if you answered yes to any of the questions above. Because the interest rate on a fixed rate mortgage never changes over the life of the loan, your payment will never increase.
Do you want to save a substantial amount of money on interest payments over the life of your loan?
Do you need to have the security of having a consistent interest rate and mortgage payment in your life?
Do you desire to pay off the entire balance of your mortgage quickly?
A 15 year fixed rate mortgage might be right for you if you answered yes to any of the questions above. When you combine a low mortgage interest rate with a short term of 15 years, you pay substantially less interest over the life of the loan.
15 year fixed rate mortgages are a favorite among shrewd homeowners.
The rate and monthly mortgage payment will never increase (or decrease)
Significant property interest write off during the early years of the loan
Loan is paid off at the end of the term
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Phone: (661) 799-8515