What is a Fixed-Rate Mortgage?
With a Fixed-Rate Mortgage, the interest rate does not change during the entire term of the loan. Academy Mortgage offers 30-year, 25-year, 20-year, 15-year, and 10-year Fixed-Rate Mortgages.
Comparison of 30-Year Fixed-Rate Mortgages and 15-Year Fixed-Rate Mortgages
30-Year Fixed-Rate Mortgages
- Amortized over 30 years.
- Have a higher interest rate than most other programs.
- Lower monthly payments.
15-Year Fixed-Rate Mortgages
- Amortized over 15 years.
- Mortgage is paid off twice as fast.
- Monthly payments are significantly higher.
- Amount of interest paid over the life of the loan is considerably lower.
What are the benefits of a Fixed-Rate Mortgage?
Fixed-Rate Mortgages offer the following features:
- Monthly mortgage payment never changes over the life of the loan.
- Interest rate is locked and not subject to market fluctuations.
- There are no associated mortgage indexes, margins, or caps.
- Stability and certainty.
Who may benefit from a Fixed-Rate Mortgage?
Fixed-Rate Mortgages are ideal for buyers looking for a low-risk mortgage product with a set monthly payment for the duration of the loan.
For more information
Contact your Loan Officer today to see if a Fixed-Rate Mortgage is the right solution for you. We take pride in delivering value and savings to homebuyers across the United States. It would be a pleasure to help.