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The most common type of mortgage
program where your monthly payments for interest and principal never change. Property
taxes and homeowners insurance may increase, but generally your monthly payments
will be very stable. Fixed-rate mortgages are available for 30 years, 20 years, 15 years and even 10
years. 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.)
Fixed rate fully amortizing
loans have two distinct features. First, the interest rate remains fixed for
the life of the loan. Secondly, the payments remain level for the life of the
loan and are structured to repay the loan at the end of the loan term. The most
common fixed rate loans are 15 year and 30 year mortgages. During the early amortization period, a large percentage of the monthly payment
is used for paying the interest. As the loan is paid down, more of the monthly
payment is applied to principal. A typical 30 year fixed rate mortgage takes
22.5 years of level payments to pay half of the original loan amount.
Get the best mortgage rates
on home purchase, real estate, FHA, Jumbo, conforming, adjustable, ARM, Fixed,
VA, GinnieMae, FannieMae, FreddieMac loans. How much can I borrow? How much will
my payments be?
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