Fixed-Rate Mortgages offer:
- Predictable payments:
There are fixed monthly payments for the life of the loan from 5 up to 40 years.
- Protection from rising interest rates:
Your interest rate remains the same for the life of the loan, no matter how high market interest rates go up.
- Faster equity growth:
In comparison to other mortgage options such as ARMs and Balloon Mortgages
- Best for people who:
- Prefer regular payments with no surprises
- Are on limited or fixed incomes
- Plan to stay in their homes a long time
- Are purchasing or refinancing at a time when interest rates are comparatively low
Fixed-rate mortgages (also known as FRMs) offer the same interest rate, monthly principal and interest payment throughout the entire term of the loan. Academy Financial offers a variety of terms in both government conforming and jumbo loan amounts. The longer the term, the lower the monthly payments and the more cash you’ll have for other expenses. With a shorter term, you’ll have higher monthly payments and you’ll qualify for a smaller loan amount, but you’ll save on interest costs over the life of the loan and build your equity faster. The fixed-rate mortgage loan is the“traditional“choice and is still the most popular because it offers stability and predictable monthly payments.
If this loan sounds right for you, Talk to an Expert today or Apply Online