Fixed Rate Mortgages

30-Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans usually have lower interest rates. It may be harder to qualify for fixed-rate loans than for adjustable rate loans due to the higher interest rates. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments toward principal to pay off their loan earlier and pay less interest over the life of the loan.

20-Year Fixed Rate Mortgage

The 20-year mortgage provides members a fixed interest rate and a constant payment. The 20-year mortgage has all the same features of a 30-year mortgage but has the benefit of a lower interest rate and less interest charged over the term of the loan. The 20-year mortgage is best for those individuals that cannot quite afford the higher payments of a 15-year mortgage but want to pay their loan off faster than the traditional 30-year mortgage.

15-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate -- and you'll own your home twice as fast. The total interest paid over the life of the loan is substantially lower than a 30-year mortgage. A 15-year loan commits you to a higher monthly payment reducing your monthly discretionary income.

10-Year Fixed Rate Mortgage

This loan is fully amortized over a 10-year period and has the benefit of constant monthly payments and a fixed interest rate. It is an excellent product for those that are planning on owning their home free and clear and want to pay off their loan sooner than a 15 year program.

30 Year Fixed

Best Choice If:

You want a loan with:
  • Fixed monthly payments
  • You plan on staying in the home long-term
  • You think interest rates will increase
    		• Advantages:

  • Fixed interest rate
  • Level principal and interest payments for the full term of the loan
  • No risk that changing market conditions will increase your rate or monthly payments
  • No prepayment penalty
  • Automatic payment option available
    		• Disadvantages:

  • Benefits of the fixed rate may not be realized until after the 10th year
  • Pay more interest charges over the life of the loan compared to shorter term loans

    • 20 Year Fixed

    Best Choice If:

    You want a loan with:
  • Fixed monthly payments
  • A shorter repayment period
    		• Advantages:

  • Fixed interest rate
  • Level principal and interest payments for the full term of the loan
  • Save money with a shorter term and less total interest payments
  • No risk that changing market conditions will increase your rate or monthly payments
  • No prepayment penalty
  • Automatic payment option available
    		• Disadvantages:

  • Monthly payments significantly higher than with a longer term mortgage

    • 15 Year Fixed

    Best Choice If:

    You want a loan with:
  • Fixed monthly payments
  • A shorter repayment period
    		• Advantages:

  • Fixed interest rate
  • Level principal and interest payments for the full term of the loan
  • Save money with a shorter term and less total interest payments
  • No risk that changing market conditions will increase your rate or monthly payments
  • No prepayment penalty
  • Automatic payment option available
    		• Disadvantages:

  • Monthly payments significantly higher than with a longer term mortgage

    • 10 Year Fixed

    Best Choice If:

    You want a loan with:
  • Fixed monthly payments
  • A shorter repayment period
    		• Advantages:

  • Fixed interest rate
  • Level principal and interest payments for the full term of the loan
  • Save money with a shorter term and less total interest payments
  • No risk that changing market conditions will increase your rate or monthly payments
  • No prepayment penalty
  • Automatic payment option available
    		• Disadvantages:

  • Monthly payments significantly higher than with a longer term mortgage
    • Loan Options

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