Fixed rate mortgages are traditionally fully amortized loans designed to offer a consistent rate over the term of your mortgage. A typical fixed rate mortgage is amortized over a fixed term of 15, 20, or 30 years.
With a fixed rate mortgage, homeowners know exactly what their payments will be every month and how long it will take to pay off the loan with regular set payments. This makes fixed rate home loans the most popular type of mortgage throughout Maryland and Virginia.
30 Year Fixed Rate Program
30 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 360 equal monthly payments over a period of 30 years. Since the borrower’s payments are ‘fixed’, the borrower can expect to make the same monthly payment for the entire term of the loan. A 30 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.
15 Year Fixed Rate Program
A 15 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 180 equal monthly payments over a period of 15 years. Since the borrower’s payments are ‘fixed’, the borrower can expect to make the same monthly payment for the entire term of the loan. A 15 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.
