F & M Mortgage Group - Loan Programs

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Fixed Rate Loan Programs

Fixed-rate mortgages offer homeowners a range of lending terms—including 30, 20, 15 or 10 year terms. With this array of options, borrowers can choose a loan that best fits their budget, lifestyle and income expectations. Because the interest rate is locked in over the life of the mortgage, this type of program provides the security of knowing your mortgage payment will never change. And fixed-rate mortgages are available for financing a primary residence, a second home or even investment property.

Consider these fast facts about fixed rate mortgages:

	No matter the term or length of the loan, most of your initial monthly payment will be applied toward interest. As the term begins to expire, most of your payment is then applied toward principal.
	If your budget can handle it, consider a short term of 10, 15 or even 20 years instead of 30. You’ll have a higher monthly payment, but will pay much less interest. Not only will you accumulate equity in a house at a faster rate, you’ll own your home sooner.

You’ll know your mortgage costs each and every month. However, since this type of mortgage pays down interest first, you may be subject to a slightly higher interest rate—or premium—than the introductuctory premiums offered on an adjustable rate mortgage. Higher interest means higher payments, so you may not qualify for the maximum mortgage you’re considering.

Contact an F&M Mortgage Group consultant to find out if a fixed rate mortgage is right for you.