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Brought to you by 7th Level Mortgage LLCApply Now Predictable principal and interest
With a fixed-rate mortgage, the interest rate and scheduled principal-and-interest payment remain consistent for the loan term. Taxes, insurance and other escrowed costs can still change.
A shorter term often creates a higher monthly payment but may reduce total interest. A longer term may lower the scheduled payment while increasing total interest over time.
Consider monthly cash flow, expected time in the home, savings goals and the cost of refinancing later rather than choosing only by the advertised rate.
Frequently asked questions
Principal and interest remain based on a fixed note rate, but taxes, insurance, mortgage insurance and escrow deposits may change.
A shorter term often changes monthly payment and total interest. Compare current offers, cash flow and goals; a shorter term is not automatically suitable.
General information is useful. A mortgage professional can help you evaluate the facts that apply to you.
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