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Fixed Rate Mortgage A traditional Fixed Rate Mortgage is one in which your monthly payments for principal and interest never change. Payments are calculated to pay off the balance of the loan at the end of the term. While payments are fixed and stable, taxes and insurance fees may increase. The most common terms for fixed rate mortgages are 30 years and 15 years. Some fixed rate products are also available with 20 year or 10 year terms. Another option is the Bi-Weekly mortgage. The loan term is shortened due to making 13 months worth of payments in a year (52 weeks in a year results in 26 payments). A Fixed Rate Loan is typically good for anyone planning to stay in the property they purchase for at least 10 years. A large portion of your initial monthly payments will go towards interest which results in only about half of the original loan amount being paid off after approximately 20 years. As the loan is paid down a larger portion of the monthly payment will apply to the principal. B & A Funding offers Fixed Rate Mortgages We also recommend Ken Gomes of Provident Bank Return to Home Loans and Mortgages >>
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