Fixed Rate Mortgage Programs

There are numerous types of fixed rate mortgage programs to choose from. Each loan program has its benefits to certain borrowers. Depending on your financial goals and situation, a certain type of fixed rate loan may be right for you.

There are fixed rate mortgages that differ in loan duration. The shortest of these loans is the 15 year term, which has many benefits for certain borrowers. The main benefit of this type of home loan is the immense savings on interest over the course of the loan. The monthly payments are fairly high, due to the length of the loan, but the interest rate is significantly lower.

The most popular of the fixed rate mortgages are the 30 year term loans. These loans have lower payments than the shorter term fixed rate home loans, and the security of knowing that your interest rate will never change, no matter what the economic conditions entail.

In addition to different home loan terms, there are additional options you must consider. One of the most beneficial of these, is the Bi-Weekly payment options for your fixed rate home loan. This option enables you to make one additional mortgage payment every year. This is done by paying your fixed monthly payment every two weeks, which translates to 13 monthly payments every year.

Pennsylvania Mortgage Rate