A fixed rate mortgage has a fixed interest rate for the entire term of the loan. The distinguishing factor of a fixed-rate mortgage is that the interest rate over every time period of the mortgage is known at the time the mortgage is originated. We offer fixed rate mortgages in the following terms 30 years, 20 years, 15 years and 10 years.
30 Year Fixed Our most popular loan program! The primary advantage to the 30 year fixed program is your payment will never change. The rates on this program are slightly higher than shorter term fixed programs and adjustable rate programs. However, the client that chooses this program is looking for surety their payment will never increase.
20 Year Fixed This program is for clients looking to slightly reduce the overall interest they will pay over the life of the loan. The rates are often very similar to the 30 year product. The primary benefit of a 20 year fixed is the client's home is paid off faster and with less overall interest. Another option is to go with the 30 year fixed mortgage and pay more each month towards your principle which essentially results in you paying off the mortgage faster.
15 Year Fixed This is also a very popular program. The consumer will notice rates are lower on a 15 year fixed mortgage compared to the 20 and 30 year fixed programs. In a 15 year fixed the borrower will pay substantially less interest compared to the traditional 30 year fixed mortgage. The shorter amortization period and lower interest rates make this a very attractive program for those borrowers who can afford to pay a higher mortgage payment each month.
10 Year Fixed This is the most aggressive program of the fixed loan products. The monthly payments are significantly higher but the consumer will pay the least amount of interest compared to any other loan program. This product best serves clients who have excess income and would like to pay off their homes quickly.