The most common type of fixed rate loan is the 30 year fixed mortgage. This home loan is for those who plan on staying in their home for many years, and want the peace of mind knowing their payments will not change. The monthly principal and interest payments never change during the life of the loan.
- Monthly principal & interest payments never change.
- Structured or “amortized” to be paid-off by the end of the loan term.
- Bi-Weekly Mortgages available which shorten the loan by making half monthly payments every 2 weeks. You make 26 payments a year, which is 13 months worth each year.
To discuss what type of home loan is best for you, or to start the process for a new purchase or refinance, speak with a mortgage professional at Kevin Leonard & Associates and have all your questions answered.