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 8 to 30 years and can be paid off at any time without penalty. At Journey Home Lending we recommend examining what exact term would best meet your needs and long-term financial goals. We will provide you with our proprietary "Custom Home Loan" video overview with personalized recommendations.
Fixed-Rate mortgages are 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" for taxes and insurance. In addition, lenders collect additional money each month (from folks who put less than 20% cash down when purchasing their home) for private mortgage insurance. However, in some cases, you can put less than 20% down without paying monthly mortgage insurance. The extra money is put in an impound account by the lender who uses it to pay the borrowers' property taxes and homeowner's 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.
To discover the most advantageous fixed-rate mortgage structure to meet your needs and financial goals contact us at 303-660-4210.
We've been helping customers afford the home of their dreams for many years and we love what we do.
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