Fixed Rate Mortgage

FIXED RATE MORTGAGE

With a fixed rate mortgage, the interest rate does not change for the term of the loan; the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be.

Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.

A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.

Benefits:
  • Lower monthly payments than a 15 year fixed rate mortgage
  • Interest rate does not go up
  • Payment does not go up, it stays the same for 30 years

Drawbacks:
  • Higher interest rate than a 15 year fixed rate mortgage
  • Interest rate stays the same even if interest rates go down

A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.

Benefits:
  • Lower interest rate
  • Build equity faster
  • If interest rates go up, yours is fixed

Drawbacks:
  • Higher monthly payment stays the same if interest rates go down
  • Interest rate stays the same even if interest rates go down

Prequalify for a Fixed Rate Loan

If you’d like to get a quote on a Fixed Rate Mortgage and/or want to know what other type of  mortgage programs you may be eligible for,  click here to get started and a member of our Team will contact you within one business day.and a member of our Team will contact you within one business day. It’s that simple! Come on, Call The Money Man, and let us show you what makes us different.

Along with Fixed Rate Loans we also specialize in the following loans in Metro St. Louis, St. Charles, Franklin, Jefferson, and Lincoln counties:

Jumbo Loans
VA Loans
Conforming Loans
FHA Loans
Conventional Loans
Rural Development Loans

We strive on customer satisfaction, and will find the perfect loan that fits your needs. Feel free to pre-qualify or give us a call 314.744.7806


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