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Fixed Rate Mortgage

The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.

(View Glossary of Mortgage Terms Here)

The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of mortgage is structured, or "amortized" so that it will be completely paid off by the end of the loan term. There are also "bi-weekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.)

Even though you have a fixed rate mortgage, your monthly payment may vary if you have an "impound account". In addition to the monthly loan payment, some lenders collect additional money each month (from folks who put less than 20% cash down when purchasing their home) for the prorated monthly cost of property taxes and homeowners insurance. The extra money is put in an impound account by the lender who uses it to pay the borrowers' property taxes and homeowners insurance premium when they are due. If either the property tax or the insurance happens to change, the borrower's monthly payment will be adjusted accordingly. However, the overall payments in a fixed rate mortgage are very stable and predictable.

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(203) 859-8124 or (860) 761-1331
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We've been helping customers afford the home of their dreams for many years and we love what we do.

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88 Riverside Ave, Suite 2

Bristol CT 06010

20 Washington Ave, Suite 106
North Haven, CT 06473


Phone: (203) 859-8124 or (860) 761-1331


Brian@welcomehomemortgage.net

 

Locations in Bristol & North Haven, CT.

Mortgage broker only, Not a lender or correspondent mortgage lender. This website is not for use by New York borrowers This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

 

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