Fixed Interest Rate Mortgages.
Fixed rate mortgage programs are one of the most popular mortgage loan programs at Poli Mortgage Group. A fixed rate program offers a fixed interest rate for a specific number of years, with both variables (rate and term) established at the onset of the loan. The most common fixed interest rate mortgage periods are 30 years or 15 years. However, amortization periods of 10, 20 and 25 years are also available.
As compared to other mortgage loan options, such as the Adjustable Rate Mortgages (ARM), the interest rate on a fixed rate mortgage may be higher. This means your monthly payments will also be higher and the amount you can qualify to borrow will be limited. Alternatively, fixed rate mortgage programs offer the security of knowing your interest rate will never change throughout the life of your loan.
The 30 year fixed rate mortgage:
With a full 30 years to pay this loan off, this mortgage loan program may give you the ability to qualify for a higher loan amount, and your monthly payments may be lower than other fixed rate financing options with shorter amortization periods.
The 15 year fixed rate mortgage:
A 15 year fixed rate mortgage will require a higher monthly mortgage payment than a 30 year fixed rate mortgage will with the same loan value. However, if you can afford to make the higher monthly payment, a 15 year fixed rate mortgage may be a good option for you. Typically, interest rates on the 15 year mortgage loan are significantly lower than with a 30 year mortgage. The 15 year mortgage also offers a substantial savings on the total interest paid over the life of the loan.
For more information on Poli Mortgage Group’s fixed rate loan programs, please contact us at 866.353.7654 or get in touch with one of our experienced loan professionals who can help you determine which fixed rate mortgage program is best for you.