What is a Fixed-Rate Mortgage?
A fixed-rate mortgage features a steady interest rate throughout its lifetime. Homeowners with this mortgage can look forward to consistent monthly payments for the life of their loan. To decide if a fixed-rate mortgage is right for you, ask yourself the following four questions:
How long are you planning to stay in your home?
Would you prefer consistent monthly mortgage payments?
Would you prefer a low mortgage payment?
Are you purchasing or refinancing?
30-Year Fixed
This option offers the benefit of the most stability. Many consumers select this option because it offers a consistent payment that will never change. However, the interest rate is higher than shorter fixed-rate options but because payments are amortized over a longer time period, monthly payments are lower.
20, 15, and 10-Year Fixed
Borrowers that elect to purchase fixed-rate mortgages of a shorter duration, such as 20, 15, or 10-year fixed-rate mortgage programs will pay higher monthly payments with a lower interest rate than a 30-year fixed-rate mortgage.
A fixed-rate mortgage features a steady interest rate throughout its lifetime. Homeowners with this mortgage can look forward to consistent monthly payments for the life of their loan. To decide if a fixed-rate mortgage is right for you, ask yourself the following four questions:
How long are you planning to stay in your home?
Would you prefer consistent monthly mortgage payments?
Would you prefer a low mortgage payment?
Are you purchasing or refinancing?
30-Year Fixed
This option offers the benefit of the most stability. Many consumers select this option because it offers a consistent payment that will never change. However, the interest rate is higher than shorter fixed-rate options but because payments are amortized over a longer time period, monthly payments are lower.
20, 15, and 10-Year Fixed
Borrowers that elect to purchase fixed-rate mortgages of a shorter duration, such as 20, 15, or 10-year fixed-rate mortgage programs will pay higher monthly payments with a lower interest rate than a 30-year fixed-rate mortgage.
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NMLS #418481
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