The most common type of mortgage program where
your monthly payments for interest and principal never change.
Property taxes and homeowners insurance may increase, but generally
your monthly payments will be very stable.
Locate Fixed Rate
Mortgage Lenders Nationwide
Fixed rate mortgages are available for 40 years,
30 years, 20 years, 15 years and even 10 years. There are also "biweekly" mortgages,
which shorten the loan by calling for half the monthly payment
every two weeks. (Since there are 52 weeks in a year, you make
26 payments, or 13 "months" worth, every year.) Most
lenders set you up with a monthly payment at the loan closing.
Then, offer you the biweekly option shortly after you have proven
a timely payment history.
Fixed rate fully amortizing loans have two distinct
features. First, the interest rate remains fixed for the life
of the mortgage loan. Secondly, the payments remain level for the life
of the loan and are structured to repay the loan at the end
of the loan term. The most common fixed rate loans are 15 year
and 30 year mortgages.
During the early amortization period, a large
percentage of the monthly mortgage payment is used for paying the interest
. As the loan is paid down, more of the monthly payment is applied
to principal . A typical 30 year fixed rate mortgage takes 22.5
years of level payments to pay half of the original loan amount. |
Great new Product!
Security and increased
cash flow. 30 Year Fixed Rate Mortgage
Loans with an Interest-only Option for the
first 10 Years! Buy a bigger home and grow into
your payment as your income increases.
* The initial
payments are interest
only for the first 10 years.
* After the completion of
the interest only mortgage loan period,
the unpaid mortgage balance is fully amortized over
the remaining term of the loan.
* The Borrower may make
voluntary principal payments during the interest only
loan period.
The required interest only
payment will be reduced to reflect the decrease in the
principal unpaid loan balance.
|
|
