There are lots of different types of mortgages…the most popular is a fixed-rate mortgage.
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A fixed-rate mortgage has a fixed interest rate for the entire term of the loan.
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The interest rate is determined at the loan's origination.
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The loan payment amounts will stay the same for the life of the loan.
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They will NOT fluctuate with interest rate movements.
Lenders offer 50, 30, 20, and 10-year fixed loans. The most popular are the 30 and 15 year fixed loan.
A 30-year fixed loan amortizes over thirty years, the majority of early payments going toward interest, later payments go mostly toward the principal.
A 15-year fixed loan amortizes over fifteen years, significantly reducing the amount of interest paid on the loan.
Understand and measure risks of ALL different types of mortgages BEFORE you choose!
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Classic Homes Real Estate (617) 328 5800
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