Given the volatility in the market these days, some borrowers prefer the stability offered in a fixed-rate mortgage. While fixed-rate mortgages traditionally have a slightly higher rate than adjustable-rate mortgages, many borrowers can save money in the long run by locking in one of today’s historically low rates, thus avoiding the uncertainty of future rate adjustments.
30-Year Fixed-Rate Advantages:
- Enjoy the security of knowing exactly what your mortgage payment will be each month.
- We offer FHA and VA fixed-rate mortgages.
- Borrowers have the option of making additional payments or a larger monthly payment to pay off the loan faster (one extra payment each year can reduce a 30-year fixed-loan payoff period by almost 4 years).
When deciding on a 30-year fixed-rate mortgage, it is important to review your current situation and determine what is most important for your financial goals. You should consider current interest rates, the length of the loan’s payment period, and the number of years that you plan on staying in the home.
15-Year Fixed-Rate Advantages:
- Own the home of your dreams in a much shorter time period.
- Take advantage of incredibly low interest rates and fees, and lock in today.
- A higher monthly payment allows you to save half the amount of interest in comparison to a 30-Year Fixed-Rate loan.
When deciding on a 15-year fixed-rate mortgage, it is important to assess your current financial situation to decide if having a higher monthly payment with the ability to pay less interest over time is worth it. Considering the length of the loan’s payment period and the number of years that you plan to stay in the home is also necessary.
Get a Free Quote Today!
Paramount Equity offers a wide variety of fixed rate home loans to accommodate the needs of our clients. For more information on a fixed-rate mortgage, contact a Financial Specialist today for a free quote! We can help review your situation and determine the best option for your future.
