If you’re a homebuyer looking for a stable way to finance your home purchase, a Fixed-Rate Mortgage is a perfect home loan option for you.
If you appreciate consistency in life, a fixed-rate mortgage may be right for you. With so much uncertainty with many financial decisions, it can be a comfort to know that your mortgage rate will never change for the life of the loan. Choose between a 15- and 30-year mortgage term and enjoy a stable monthly mortgage payment while also paying the least amount of interest over time.
Many individuals and families choose a fixed-rate mortgage for the following reasons:
Whether you decide on a 15- or 30-year fixed mortgage, there are benefits and drawbacks to choosing both. Meet with one of the knowledgeable mortgage lenders at Central Bank to determine which mortgage term is right for you.
Choosing a 15-year fixed mortgage is great for individuals and families looking to quickly pay off their mortgage while paying the least amount of interest possible. The drawback to a shorter mortgage term is that your payments will be higher. If paying less interest is important to you, be sure to check that your finances will support a higher mortgage payment.
With 30-year fixed mortgages, individuals and families often go for them because the payments are lower. The trade-off is a longer mortgage term and paying more interest over time. However, many households prefer 30-year fixed mortgages because they have the security of a lower house payment and still have the option to put more money toward the principal each month without penalty.
Unsure whether you should opt for a short- or long-term fixed mortgage? Meet with the friendly and knowledgeable lenders at Central Bank. Our mortgage lenders will help you determine which mortgage term is right for you and even suggest other lending options based on your financial situation and goals. If you’re ready to begin the search for the home of your dreams, get prequalified online, today!