30/20/15 Year Fixed Loans

30 Year Fixed loan is a conventional loan that has the same mortgage payments for 360 months. Conventional loans are typically more difficult to qualify for than FHA loans and require a slightly higher down payment. In some cases, however, rates and closing costs can be lower. Additionally, monthly mortgage insurance is generally less and may be nothing with a 20% down payment.

20 Year Fixed loan is basically the same as a 30-year fixed except the term of the loan is for 240 months. With the loan being paid faster, the monthly payments are higher than for a longer-term loan. Some lenders allow for a lessor rate.

15 Year Fixed is basically the same as a 30-year fixed except the term of the loan is 180 months. With the loan being paid faster than the other two, the monthly payments are again higher. Lenders typically have a greater risk the longer they agree to keep a loan at a “fixed” rate therefore interest rates on a 15-year loan are lower than the other two fixed rate loans.

  • Down payment as low as 3% for primary home
  • Refinance up to 95% value on primary home

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Both Jackie and Robin were very helpful and always available to answer questions I had. Thank you for making this process as smooth as it could be.

Nicole S.

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