20 Year Fixed Rates
As a future homeowner, most likely you re planning to take out a mortgage so that you can finance a home on a schedule that fits your needs and budget. The first decision that you ll have to make is the length of the loan. The most common terms are 15 years and 30 years, but loans are also available for 20 years or 25 years. The longer the loan, the lower the monthly payment. However, with a shorter loan, you ll pay substantially less interest over the life of the loan.
Once you ve determined the length of the loan, you ll have to decide if you want a fixed or adjustable rate mortgage.
- Fixed rate. A fixed rate loan is a great option if you re planning to stay in your home for a decade or longer, you want consistent principal and interest payments, and/or you re worried about rising interest rates.
- Adjustable rate. An adjustable rate mortgage may be preferable if you re planning to move within the next few years. Once the fixed portion of the loan is over, you ll be able to refinance and potentially secure a lower interest rate.
Strike the Perfect Balance with a 20 Year Mortgage
If you re having trouble deciding whether a 15 or 30 year mortgage is the right fit, you may want to consider the current 20 year mortgage rates. With a 20 year term, you ll have a lower interest rate than you would with a 30 year mortgage, but your monthly payment won t be as high as it would be with a 15 year mortgage. You ll be able to make your payments comfortably while still building equity in your home fairly quickly.
Paramount Equity Mortgage places a high priority on fast transactions, low mortgage rates, and outstanding customer service. Whether you re purchasing a new home or refinancing an existing home, we have the products that you need. Contact us today to learn more.
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The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.
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