Interested in the predictability of a fixed-rate mortgage?
With a fixed-rate mortgage (FRM) loan, the interest rate and your mortgage monthly payments remain fixed, or unchanged, for the entire period of the loan, and the interest rate is determined at the time the mortgage is originated. A fixed-rate mortgage can offer you peace of mind as a homeowner, as you’ll avoid the changing loan payment amounts that come with an adjustable rate mortgage, which fluctuate along with interest rates movements.
Fixed-rate mortgages are available for 30, 25, 20, 15 years and 10 years. Generally, the shorter the term of a loan, the lower the interest rate you can get.
The most popular fixed-rate mortgage terms are 30 and 15 years. With a traditional 30-year fixed-rate mortgage in Vermont, your monthly payments are lower than they would be on a shorter-term loan. But, if you can afford higher monthly payments, a 15-year fixed-rate mortgage allows you to repay your loan twice as fast and save more than half the total interest costs of a 30-year loan.
Let us help you decide if a fixed-rate mortgage is for you. Contact us today!