Fixed Rate Mortgages
A fixed rate mortgage will have the same interest rate and payment throughout the life of the loan. Knowing your interest and payment will be the same every month is good for budgeting and long-term financial planning.
30-Year Fixed Mortgage: This option is ideal for buyers who want stable payments and the lowest possible payment. A 30-year mortgage provides maximum interest deduction for tax savings and may require a lower down payment than some of the shorter term fixed rate mortgages.
20-Year Fixed Rate Mortgage: This mortgage is great for those who want a lower monthly payment than the 15-year fixed rate mortgage but want tax benefits that are comparable to the 30-year term. A 20-year loan also means paying less interest over the life of the loan than longer terms.
15-Year Fixed Rate Mortgage: This mortgage, offering a low fixed rate for a 15-year term, is ideal for someone who has a large down payment or substantial equity, but finds a 15-year payment more affordable than the 10-year payment. This is also an excellent option for those looking to refinance their current property.
10, 7 and 5-Year Fixed Rate Mortgages: These options are ideal for buyers who have a large down payment and want to build equity in their home quickly. These mortgage terms are excellent options for those who have to reinvest the proceeds from the sale of a previous home.