20 Year Fixed Rates

20 Year Fixed Rates

20 Year Mortgage Rates

As a future homeowner, most likely you’re planning to take out a mortgage so that you can finance a home on a schedule that fits your needs and budget. The first decision that you’ll have to make is the length of the loan. The most common terms are 15 years and 30 years, but loans are also available for 20 years or 25 years. The longer the loan, the lower the monthly payment. However, with a shorter loan, you’ll pay substantially less interest over the life of the loan.

Once you’ve determined the length of the loan, you’ll have to decide if you want a fixed or adjustable rate mortgage.

  • Fixed rate. A fixed rate loan is a great option if you’re planning to stay in your home for a decade or longer, you want consistent principal and interest payments, and/or you’re worried about rising interest rates.
  • Adjustable rate. An adjustable rate mortgage may be preferable if you’re planning to move within the next few years. Once the fixed portion of the loan is over, you’ll be able to refinance and potentially secure a lower interest rate.

Strike the Perfect Balance with a 20 Year Mortgage

If you’re having trouble deciding whether a 15 or 30 year mortgage is the right fit, you may want to consider the current 20 year mortgage rates. With a 20 year term, you’ll have a lower interest rate than you would with a 30 year mortgage, but your monthly payment won’t be as high as it would be with a 15 year mortgage. You’ll be able to make your payments comfortably while still building equity in your home fairly quickly.

Paramount Equity Mortgage places a high priority on fast transactions, low mortgage rates, and outstanding customer service. Whether you’re purchasing a new home or refinancing an existing home, we have the products that you need. Contact us today to learn more.

The Paramount Pledge™ – Triple Protection

The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.

No Application Fee – Other lenders charge hundreds of dollars to start the loan process with you. Paramount Equity Mortgage® will never ask you to pay an application fee just to lock in your rate.
Better Rate Warranty – After you complete a loan with us, we will cover most of the cost to refinance or purchase within the next seven years, for any reason.
Set & Secure Closing Guarantee™* – Once we receive all required borrower information, your signed disclosure and lock your loan, we guarantee we can close your loan at the rate and terms we provided. If we can’t, we will pay you $500.
* The Set & Secure Closing Guarantee is not valid in the event that there is an unforeseen change such as, an appraisal coming in under value, undisclosed debt at the time the loan was pre-qualified, a change in income due to loss of job or change in employment, etc. This guarantee is also not valid in the event that you withdraw your application or request a change to the terms of your loan. A change in terms would consist of, but is not limited to, a change in loan amount, fixed vs. adjustable rate, number of years the loan is amortized, adding/removing a borrower, etc.
On a purchase transaction with a Conventional 15 year fixed loan, a payment of $1559.27 with an LTV of 70%, and a 3.515% % APR. For all information a loan amount of $220,000 is assumed and a rate of 3.375% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (3.515%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.
On a purchase transaction with a Conventional 20 year fixed loan, a payment of $1333.16 with an LTV of 70%, and a 4.116% % APR. For all information a loan amount of $220,000 is assumed and a rate of 4% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (4.116%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.
On a purchase transaction with a Conventional 30 year fixed loan, a payment of $1066.23 with an LTV of 70%, and a 4.210% % APR. For all information a loan amount of $220,000 is assumed and a rate of 4.125% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (4.210%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.