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Mortgage Programs > FHA, VA and Conventional
Loans
Fixed Rate Mortgages
The most common type of mortgage program is that in
which the monthly payments for interest and principal never change.
Property taxes and homeowner's insurance may cause payments to increase,
but generally your monthly payments will be very stable. Fixed rate
mortgages are available for a variety of loan terms.
Fixed rates 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.
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