Mortgage Loan Options
It is important that you understand the features of your loan program and be sure that the bank rates and payment terms meet your financial needs. We can assist you in that determination.
Fixed-Rate Mortgage (30, 20, 15 and 10-Year Fixed)
A fixed-rate mortgage has the same interest rate for the life of the loan and monthly payments (principal and interest) that stay fixed. If you choose to escrow for taxes and insurance that can change your monthly total payment (PITI), but not the P and I. Securing a fixed-rate mortgage may be a good choice if you plan to stay in your home for more than 10 years or if you feel more comfortable knowing your payment cannot change.
The 15-year fixed mortgage is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan and a lower interest rate. The principal is paid down faster (almost double) and have savings over time with the benefit of a lower interest rate. The 15-year fixed payment is higher, so this option requires close assessment of long-term obligation of the higher rate.
We offer 30, 20, 15 and 10-year fixed rates.