A Strong Option in a Weak Economy
If you have been weighing your options in the housing market you may want to make your decision to buy or refinance now while rates as well as home prices remain low. The 30-year fixed rate mortgage loan has long been the steady favorite of products offered to the American consumer. This is a great choice if you plan to stay in your home for the long run. The rate is fixed for the life of the loan giving you a consistent principal and interest payments each month. 30 year mortgages provide more flexibility and financial stability which allow you to increase your personal savings. You can always add in more money to your principal payments when you have the extra money to help pay off your mortgage faster.
30 Year Fixed Rate Advantages
Fixed Rate for the Life of the Loan
Long Term makes it More Affordable
Consistent Principal & Interest Payment
Most Allow Extra Principal Payments
Good Choice if Staying in the Home
Another great deal while rates are low is refinancing to a shorter term – 15 or 20 year fixed rate mortgage. The monthly payment will generally be higher with a shorter term loan, but this option is a great way to build equity, or to recoup lost equity, and you will be paying off your mortgage a lot sooner.