HOME PROGRAMS FIXED RATE ADJUSTABLE RATE CONTACT INFO FHA LOAN VA LOAN BALLOON LOAN
FIXED
With a fixed rate mortgage, your monthly principal and interest payments never change because your interest rate stays the same for the life of the loan. Although fixed rate loans generally have interest rates that are slightly higher than adjustable rate loans, they do offer a predictability that many home buyers find reassuring. If you prefer the peace of mind that comes with a predictable, non-variable mortgage payment, a conventional fixed rate loan may fit the bill.
30 YEAR FIXED
The traditional 30-year fixed-rate mortgage offers a high degree of stability. It's a good choice if you think that interest rates will rise. The 30-year mortgage generally requires the lowest monthly payments.
15 YEAR FIXED
With a 15-year mortgage, you own your home in half the time by paying more each month. Many borrowers find that when interest rates are relatively low, a shorter loan term offers a significant financial advantage. The shorter your payment period, the less interest you pay over the life of your loan. The drawback is that the monthly payments are higher than with the equivalent 30-year mortgage.
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