Fixed Rate Mortgage

WE MAKE THE-min

Fixed Rate Mortgage:

With a fixed rate mortgage, the interest rate does not change for the term of the loan, so the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be.Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.

Benefits:

  • Lower monthly payments than a 15 year fixed rate mortgage
  • Interest rate does not go up if interest rates go up
  • Payment does not go up, it stays the same for 30 years

Drawbacks:

  • Higher interest rate than a 15 year fixed rate mortgage
  • Interest rate stays the same even if interest rates go down

A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.

Benefits:

  • Lower interest rate
  • Build equity faster
  • If interest rates go up, yours is fixed

Drawbacks:

  • Higher monthly payment stays the same if interest rates go down
  • Interest rate stays the same even if interest rates go down

 

Get In Contact With BUYorREFI Financial By Phone or Email.

Licensing

BUYorREFI Financial (NMLS 1838307)
(MB1000724)
Rhett Laufenburger NMLS# 221295

Contact Us

BUYorREFI Financial
14780 W Mountain View Blvd
Suite #206
Surprise, AZ 85374

Number:
(480) 225-6699

Hours:
MON-FRI 9AM - 5PM
SAT-SUN By Appointment only

BUYorREFI Financial 14780 W Mountain View Blvd Surprise AZ 85374 (NMLS # 1838307). 480-225-6699. Copyright © 2021 BUYorREFI Financial. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. BUYorREFI Financial is an independent mortgage broker and is not affiliated with the Department of Housing and Urban Development or the Federal Housing Administration. MB-1000724