Call Us! (609) 655-4500

Fixed Mortgages

10 / 15 / 20 / 25 and 30 Year Fixed Rate Mortgage
Fixed rate mortgages ranging from 10-30 years are the most traditional of all mortgage products. Fixed rate mortgages offer a constant interest rate and standardized monthly payments for the duration of the term.

Thirty-Year Fixed Rate Mortgage
The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Adjustable Rate Mortgage's

3/1, 5/1, 7/1,10/1 or Hybrid Adjustable Rate Mortgage

Adjustable rate or hybrid arm mortgages offer a lower introductory interest rate for the initial period. The initial period may range from 3, 5, 7 or even 10 years before the first change due date. Arms have become increasingly popular, especially for homeowners who expect to move, or with shorter term plans.

CFPB's Settlement Cost Booklet - DOWNLOAD NOW