A fixed-rate mortgage is the simplest and the most common of all mortgage products. During the past few years, demand for fixed-rate mortgages increased due to historical low mortgage interest rates. With lower interest rates, payments of fixed-rate mortgages are more affordable, and therefore the borrower is able to qualify for a larger mortgage loan. The only difference among fixed-rate mortgages is the length of the mortgage term. The term is the amount of time it takes to pay off the loan. Fixed-rate mortgages allow a borrower to be sure of their monthly mortgage payments. Unlike an adjustable-rate mortgage, the payment amount is fixed over the life of the loan. Fixed-rate mortgages have two distinct features:
The interest rate and payments must be fixed over the term of the mortgage.
The mortgage must be paid off completely at the end of its term.
Let us help you evaluate your personal situation and assist you in finding the right loan program that works best to meet your individual goals and needs.
Fixed rate mortgages are a good choice if you:
- Think interest rates could rise in the next few years and want to keep a fixed mortgage payment and rate.
- Plan to stay in your house for many years.
- Prefer the stability of a fixed principal/interest payment to a payment that changes periodically (which is what happens with an adjustable-rate mortgage.
With a 30 year fixed rate mortgage, you would have a lower monthly payment compared with a 15 year fixed rate mortgage, but you’ll pay more interest over the term of the 30 year loan. Depending on what you can comfortably afford for a monthly mortgage payment, a 30 year fixed rate mortgage might be a better fir for your budget.
Let us help you evaluate your personal situation and assist you in finding the loan program that works best to meet your individual goals and needs.
Why should you work with GLI?
Great Loans and Investments’ mission is to fulfill the home buyer’s dreams of ownership.
GLI’s customer satisfaction and our integrity is reflected in our “A” rating with the Better Business Bureau.
- Most important to us is customers satisfaction (Check out our customer reviews)
- 30+ years of mortgage lending experience
- Dedicated Mortgage Loan Consultants and personalized service
- Nationwide direct lender ranked as top 200 U.S. lenders
- Speedy process and approvals
- Rates and fees delivered as promised
Need expert advice on a new loan?
Call us at 800-974-4434 and speak with one of our experienced Mortgage Loan Consultants. Engage in a Live Chat with one of our mortgage bankers online. Complete our Free Quote form if you already know what you want. Complete our Online Loan Application and receive quick pre-approval!