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LOAN PROGRAMS
30 Years Fixed Loan Program
30 year fixed interest rate is one of the most desirable loan programs in the nation, most people seek the low monthly payments and prefer 30 years fixed rate as compared to a variable rate. The interest rates are volatile and always move up and down briskly, and therefore the majority of people like to stay with a constant fixed interest rate. The term of a 30-year loan program is long and consequently you pay more interest over the life of the loan. The 30 year fixed loan financing is recommended for borrowers who intend to stay in their house for a long period of time. It is indeed the most common and easiest fixed-rate loan to qualify for. Its longer term gives you the best chance to keep monthly payments low and use the extra cash for other purposes.
Advantages:
15-year loan pays off quickly and you pay less total interest amount over the loan period.
Loan can be refinanced if rate drops.
Disadvantages:
Monthly payments are considerably high due to 15 years period condition.
Monthly payment does not change if interest drop.
15 Years Fixed Loan Program
A 15-year fixed-rate mortgage offers a lower interest rate than a 30-year or a 20-year mortgage and will save you a significant amount of interest over the life of a loan. You will build up equity in your home quickly, which can allow you to move to a more expensive home sooner. If you are nearing retirement, this shorter-term allows you to own your home sooner. A 15 years fixed interest rate is suitable for people seeking to pay the loan quickly and thus prefer 15 years fixed rate as compare to a variable rate or 30 years fixed. The term of 15 year fixed loan program is short as compared to 30 years fixed. Thus, monthly payments are higher but the loan amount pays off quickly and you pay less total interest amount over the life of the loan.
Advantages:
15-year loan pays off quickly and you pay less total interest amount over the loan period.
Loan can be refinanced if rate drops.
Disadvantages:
Monthly payments are considerably high due to 15 years period condition.
Monthly payment does not change if interest drop.
Fixed Rate Mortgage Loan Program
If you expect to live in your home for many years, the interest rate of your loan may be your primary consideration. You may want a fixed-rate mortgage that will ensure that your interest rate will remain the same for as long as your have your loan. If you decide that you like the stable, predictable payments of a fixed-rate loan, then you must choose form a variety of repayment terms - 15, 20, and 30 years are the most common.
Contact Us:
Office: 786-220-1100
Fax: 954-220-1104
E-mail: info@lendingbankers.com
Miami - Florida - USA
Florida Residential Mortgage
Licensee NMLS License # 383682
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