Racheli Mortgage Lending

Mortgage Lending - (954) 800-0330

  • Home
  • About
    • About Racheli
    • Privacy Policy
    • Blog
  • Mortgage Info
    • Get Pre-Approved
    • Home Search | SOLD Home Alerts
    • How to Buy a Home | The Loan Process and Checklist
    • Credit–What Makes your Credit Score Ebook
    • Mortgages for Self-Employed
    • Mortgages After a Divorce
    • Mortgage Calculators
    • More Calculators
    • How to Buy A Home | Down Payment Assistant
    • Buyer Info
    • How to Buy a Home – Loan Process
    • First Time Home Buyer
    • Mortgage FAQ
    • Mortgage Glossary
    • Loan Programs
    • Credit–What Makes your Credit Score Ebook
    • Seller Info
    • Closing Costs
    • Home Appraisal
    • Fixed Rate Mortgage
  • Real Estate Info
    • Fort Lauderdale Real Estate
    • Boca Raton
    • Miami
    • How to Buy a Home | The Loan Process and Checklist
    • Home Inspection
    • Real Estate News
  • FREE Reports
    • Get Your FREE Reports!
    • 5 Big Mistakes Buyers Make
  • Testimonials
  • Contact
    • Contact
    • Ask Racheli
    • About Racheli
    • About-Contact Us
    • Racheli’s List

Fixed Rate Mortgage

With a fixed rate mortgage, the interest rate does not change for the term of the loan; the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be.
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
Benefits:
·         Lower monthly payments than a 15 year fixed rate mortgage
·         Interest rate does not go up
·         Payment does not go up, it stays the same for 30 years
Drawbacks:
·         Higher interest rate than a 15 year fixed rate mortgage
·         Interest rate stays the same even if interest rates go down
A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.
Benefits:
·         Lower interest rate
·         Build equity faster
·         If interest rates go up, yours is fixed
Drawbacks:
·         Higher monthly payment stays the same if interest rates go down
·         Interest rate stays the same even if interest rates go down

 


Apply Now

Return to Loan Options

Recent Posts

Get Pre-Approved Today for a new Home Mortgage with Racheli

Key Points To Note When Drafting A Contract For A Remodeling Contract

Three Inexpensive Makeovers That Will Boost Your Home’s Appeal to Young Buyers

An Overview of Amortization: It Plays A Role In Monthly Mortgage Payments

DIY Lovers: ‘Greenify’ Your Home with These Three Eco-friendly Home Improvement Projects

What’s Ahead For Mortgage Rates This Week – March 1, 2021

How Much Home

Connect With Racheli

  • Facebook
  • LinkedIn
  • Twitter
Refer a FriendUse the quick and easy tool below to Refer a Friend today. We sincerely hope you will tell your friends, family, neighbors, and co-workers about our services. You'll be doing them (and us) a favor as they too will receive the same excellent service that you have experienced.

If you know someone who is thinking of buying or selling a home, please fill out the form below, or contact us directly using the number listed at the top of the page.

Click here to refer your friend!
Download Mortgage App

RSS The Latest Real Estate & Lending News

  • How to Prepare Your House for a Winning Sale This Spring [INFOGRAPHIC]
  • Is It a Good Time to Sell My House?
  • How Smart Is It to Buy a Home Today?
  • Home Prices: What Happened in 2020? What Will Happen This Year?
  • What Are the Benefits of a 20% Down Payment?

Calculate Mortgage Payments

Mortgage Calculator
March 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  
« Feb    
Equal Housing Lender

Archives

Categories

  • Accessibility Statement
  • Privacy Policy

Loans 4 U - Fairway Independent Mortgage Corporation
200 S Andrews Avenue Suite 500
Fort Lauderdale, FL 33301

Return to top of page

Copyright © 2021 Racheli Mortgage Lending. All rights reserved.   Log In