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FIXED RATE LOANS

The most common type of loan program is a fixed rate loan. A fixed rate loan is where the interest rate remains the same over the term of the loan. The only thing that will affect your monthly payments are price changes in your property tax and Homeowners Insurance (if you are having them escrowed).
 

 
 

 

 
 

The most common fixed rate mortgage is for 30 years . The 30 year mortgage will allow you to have the lowest monthly payment of all the fixed rate mortgages, but you will also pay the most interest over the life of the loan with a 30 year mortgage. Their are also 20 ,15, and even 10 year mortgage.

On a typical 30 year fixed rate mortgage for the first 22.5 years most of your monthly payment is going towards interest. After 22.5 years the majority of your money goes towards the principle. A lot of lending institutions will allow you to add additional money to you your monthly payment which will shorten the term of your loan and save you money.

 
 
 
 
       

 

 

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