Fixed Rate Mortgages

Financing| Buy Down Mortgage| Adjustable Rate Mortgages

With fixed rate mortgages, your monthly mortgage payments and interest rate are fixed for the period of the loan. Fixed-rate mortgages are available for 40, 30, 25, 20, 15 and 10 years. Generally, the shorter the term of a loan, the lower the interest rate you could get. However, the shorter the term of repayment also increases the monthly payment amount.

The most popular mortgage terms are 30 and 15 years. With the traditional 30-year fixed rate mortgage, your mortgage payment would be less than a shorter term loan. But if you can afford higher monthly payments, a 15-year fixed-rate mortgage allows you to repay your loan twice as fast.

There are 2 types of fixed rate mortgages, conforming and non-conforming. To be within the limits of the conforming guidelines, the loan amount has to be at or below $417,000 for a single-family dwelling. Loan amounts over $417,000 are considered Jumbo loans and are usually subject to a slightly higher rate and different qualifying criteria.