The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or “amortized” so that it will be completely paid off by the end of the loan term. There are also “bi-weekly” mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 “months” worth, every year.)

Even though you have a fixed rate mortgage, your monthly payment may vary if you have an “impound account”. In addition to the monthly loan payment, some lenders collect additional money each month (from folks who put less than 20% cash down when purchasing their home) for the prorated monthly cost of property taxes and homeowners insurance. The extra money is put in an impound account by the lender who uses it to pay the borrowers’ property taxes and homeowners insurance premium when they are due. If either the property tax or the insurance happens to change, the borrower’s monthly payment will be adjusted accordingly. However, the overall payments in a fixed rate mortgage are very stable and predictable.

Apply for this loan today!

Your Credit Rating:
State:
Best Contact Time:
Heard About Us:
By clicking “Submit” I agree by electronic signature to:

  1. Freely provide my personal information above and acknowledge that I have reviewed the site’s Privacy Policy. I further agree that the site may collect, use, process and transfer my personal data in accordance with this Policy. If you do not agree with these terms, you may choose not to provide any personal data and not to use our site.  However, you may then not be able to use our products or services.
  2. Receive disclosures and communications about my loan inquiry in electronic form (I confirm that I have a working computer system and internet website browser to view this webpage);
  3. Be contacted about a mortgage by a live agent, artificial or prerecorded voice, and SMS text at my residential or cellular number, dialed manually or by autodialer (consent to be contacted is not a condition to purchase services) and to be contacted via email; I consent to be contacted even if my phone number or email address appears on our Do Not Call / Do Not Email List, a State or National Do Not Call Registry, or any other Do Not Contact List.