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
 Guidelines are changing frequently but borrowers should have at least a 620 credit score. Anything below a 740 credit score is considered less than perfect. Lenders give interest sates based on associated risk so the lower your score the higher rate you should expect.

Although we have an office in The Woodlands and El Paso Texas we are licensed and serve every city in TX. If you are looking to move to Texas you may want to visit some of our main cities: abilene
amarillo
austin
beaumont / port arthur
brownsville
college station
corpus christi
dallas / fort worth
deep east texas
del rio / eagle pass
el paso
galveston
houston
killeen
temple
ft hood
laredo
lubbock
mcallen
edinburg
odessa
midland
san angelo
san antonio
san marcos
southwest TX
texarkana
texoma
tyler
east TX
victoria
waco
wichita falls


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