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A fixed rate mortgage is a reliable option because it offers predictable monthly payments. The mortgage interest rate is consistent for the life of the loan, compared to an adjustable-rate mortgage that changes over the course of the loan. Learn more about different types of mortgage rates and call 1-866-351-5353 for current mortgage rates.
- You're planning to be in your home for a while.
- You're looking for a mortgage that has a monthly payment you can rely on.
30-Year Fixed Rate Mortgages
The most common term for a fixed rate mortgage is 30 years. Like all fixed rate mortgages, the interest rate remains consistent, or fixed, for the full loan term—in this case, 30 years. A 30-year fixed rate mortgage is popular because of the lower monthly payments due to the payments being spread over a longer period of time. However, because of the longer term, you will pay more interest than you would with a shorter term mortgage.
15- and 20-Year Fixed Rate Mortgages
While the 30-year fixed rate mortgage has long been popular, 15-year and 20-year fixed rate mortgages are also available. The shorter terms allows borrowers to pay off their mortgages sooner and pay less in interest as a result. Monthly payments are higher with a shorter term fixed rate mortgage, which can impact the amount of mortgage an income can support.
Need help answering questions like, “How much will my monthly mortgage payments be?” Use the calculators below to easily find out the answers that apply to your physician home loans.
Calculate your monthly mortgage payment for a given purchase price, down payment, interest rate, and loan term
Find out how much you can borrow for the home of your dreams
Find out whether it’s better to make a small or large down payment
Fixed Rate Mortgage FAQs
Buying your first home—it’s very exciting and a little scary. But that’s ok. Our Mortgage Loan Originators can help you find the mortgage that fits your finances.
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