Fixed Rate Home Mortgage Loans
Fixed Rate Mortgage
Lock in a fixed rate mortgage today.
A fixed rate mortgage is ideal for homeowners who plan to stay in their residence long term and want the certainty of a set monthly payment. Adjustable rate mortgages can be risky since rates can increase quickly and without notice. This could result in a sharp increase in monthly mortgage payments.
30 Year Fixed Mortgage
The most common mortgage is a 30 year fixed rate home loan. These types of loans are so popular largely due to the sense of security one may feel by not having an adjustable rate mortgage that fluctuates. These rate hikes can dramatically increase monthly payments as markets change and rates increase. A 30 year fixed rate mortgage is ideal for homeowners who want a lower payment than what a 15 year loan provides. However, a 30 year repayment schedule results in much more interest being paid than shorter term loans.
15 Year Fixed Mortgage
A 15 year fixed rate mortgage is the preferred option for those who want to pay their mortgage off quicker than a typical 30 year loan. Choosing a 15 year loan instead of a 30 year mortgage will save thousands of dollars in interest. In fact, on a larger sized loan the amount saved could exceed $100,000!
Why choose a fixed rate for your 15 year loan? With the security of a fixed rate you can know exactly how much you will pay without any anxiety about your rate and payment increasing overtime. An adjustable rate on a 15 year amortization is even riskier than an ARM loan that has a 30 year amortization being that the payment is already higher with a 15 year mortgage. A rate hike on an already high payment could be difficult to keep up with, so you may want to select a 15 year fixed rate mortgage.
Fixed Rate Interest Only Mortgage
We also provide interest only fixed rate home loans which are an excellent option for borrowers who want to pay the absolute minimum payment while still having a fixed rate. To learn more about our fixed mortgage rate programs give us a call today and we can explore the best fixed rate loan for you.