Loan and Mortgage Options


Fixed Rate Mortgage

Conventional Fixed Rate Mortgages have an interest rate for the entire term. The interest rate does not change as it would with an adjustable rate mortgage. With this type of loan the monthly payment amount does not change, the payment usually includes payment towards principal and interest so the loan balance will decrease with every payment made.  Fixed rate mortgage terms are usually for 10-years, 15-years, 20-years or 30-years. This type of loan may be right for you if you prefer to:

  • have a monthly payment that does not change.
  • be able to budget and plan for the long term
  • not worry if interest rates increase

Below are some example scenarios only – not credit approval or a commitment to lend*

10 Year
15 Year
20 Year
30 Year
Loan Amount
$200, 000
$200, 000
$200, 000
$200, 000
Down Payment
20%
20%
20%
20%
Origination Fee
1%
1%
1%
1%
Points
$0
$0
$0
$0
Rate
2.75%
3.125%
3.99%
4.125%
APR
2.958%
3.269%
4.105%
4.208%
Payment
$1, 908.22
$1, 393.22
$1, 210.91
$969.30

 

*Interest rates and APRs are based on current market rates and are for informational purposes only. Rates are subject to change without notice and may be subject to increase based on property type, loan amount, loan-to-value, credit score and other variables. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Adjustable-rate mortgage (ARM) rates and payments assume no increase in the financial index after the initial fixed period of the loan. ARM rates and monthly payments are subject to increase after the initial fixed period. Please contact us for more information.



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