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Interest rates on Fixed Rate

If you plan to stay in your home for the long term, a consistent payment that never changes can help you prepare for your financial future.

Fixed Rate Mortgage

Plan your budget with a consistent mortgage payment at a low rate that will stay the same through the life of your loan.

Common types of fixed rate mortgages

The 15-year mortgage

You will pay less in interest. If you borrow $100,000 to purchase a home at a 4% interest rate, paying over a longer period of time will mean more interest on the money borrowed. So, a 15-year mortgage can significantly cut down on the interest that you pay. Add to that the lower interest rates that are often available for 15-year mortgages and you could have some big savings available.

Your monthly payment will likely be higher. Even with the lower interest rate, you will probably have a slightly higher payment with a 15-year mortgage. This happens because you are paying more towards principal from the beginning. But, you will be mortgage-free in half the time, which is no small feat.

The 30-year mortgage

You will pay more in interest. Longer mortgage means more interest charged. This is how banks and other lenders make their money. They loan you, the borrower, money and collect their interest over the 15 or 30 years it takes you to pay them back. Your monthly payment will likely be lower. Because you are spreading out your payments over a longer period of time, they will almost always be lower with a 30-year mortgage. If your monthly budget is tight, this may be a better way to go.

How it Works

  • Monthly payments are based on interest rate, principal loan amount, and amortized interest over 30 years. With a Fixed Rate Mortgage, your interest rate will never change, even if market rates increase!
  • Your payment will not change throughout the life of the loan.
  • Your actual payment will vary based on your situation and the current interest rates when you apply.
  • Pay your mortgage off at any time without pre-payment penalties.

Have questions?  One of our mortgage specialists would be happy to answer all of your questions.

 

Why Choose A.S.A.P. Mortgage for Your Loan?
  • A.S.A.P. Mortgage has a superior support team to expedite every stage of you loan in a timely manner.
  • We will oversee every aspect of the loan process with the quality, care and concern you deserve.
  • A.S.A.P. Mortgage services NY, CT, NJ, PA, MA, & FL
  • A.S.A.P. Mortgage has established relationships with over 40 Nationwide Lenders.

Call us now – 866-THINK-ASAP

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