Fixed Term Loans
30 Year Fixed Rate Mortgages are an industry-old standard, but the old standard in mortgage lending is actually a tried & true practice as far as paying off a home quickly.
A fixed rate loan offers home owners long-term stability and a predictable payment schedule. Additionally, market conditions over the last few decades have revealed that this loan option is the preferred choice for most borrowers. When you choose a 15 year fixed rate mortgage or 30 year fixed rate mortgage loan with Solano & Associates, your payment is fixed & unchanging for as long as the loan is in place. This allows you, the borrower, to budget your mortgage payment throughout the life of the loan more effectively. You can make payments to credit cards if you have them to pay them off more quickly, make payments above and beyond your minimum monthly mortgage payment to pay your home off more quickly, and put money into savings to bank money for things like retirement and investments.
What are the benefits of a fixed mortgage?
- Your monthly mortgage payment remains unchanging for the loan’s duration
- No prepayment penalties if you refinance or sell
- Nearly all Government and Conventional loan programs offer a Fixed Rate Term
- Standard Fixed Rate loan are offered in 10, 15, 20 or 30 year-terms
By choosing a lower fixed rate period (10, 15 or 20-year), you can realize significant savings in interest dollars paid to the bank over the entire term of the loan. You pay off your home loan faster than a traditional 30 year loan, and best of all, the interest rate on loans with shorter overall terms is always lower. A Loan Officer from Solano & Associates can help you look into the future and realize the lifelong benefit of a shorter term benefit. Let one of us help you with a simple monthly and total term loan comparison, so that you can see if a lower fixed rate loan might just be the right move for you and your family.
