Fixed Rate Mortgage
Enjoy long-term stability, predictable payments, and peace of mind, knowing your interest rate won’t change over time.
Interest rates on Fixed Rate Mortgages are still very low!
If you plan to stay in your home for the long term, a consistent payment that never changes can help you prepare for your financial future.
When seeking a mortgage, understanding the different types of fixed-rate mortgages is crucial. A mortgage professional may provide valuable insights into these options, helping prospective homebuyers make informed decisions.
Fixed-rate mortgages are popular among homebuyers due to their stability and predictability. With a fixed-rate mortgage, the interest rate remains constant throughout the loan term, offering borrowers a consistent monthly payment.
One of the most traditional options, the 30-year fixed-rate mortgage offers a lengthy term, spreading the payments over three decades. This results in lower monthly payments, making it a popular choice for buyers who plan to stay in their homes long-term and prefer predictable, steady payments.
Shorter in duration, the 15-year fixed-rate mortgage offers higher monthly payments but significantly lower total interest costs over the life of the loan. This option is ideal for borrowers who can afford higher payments and want to pay off their loan quickly, building equity faster.
Falling between the 30-year and 15-year terms, the 20-year fixed-rate mortgage strikes a balance. It provides relatively lower monthly payments compared to a 15-year loan while allowing homeowners to pay off their mortgage faster than a 30-year term. This option appeals to buyers seeking a middle-ground solution.
Under this arrangement, borrowers make half of the monthly mortgage payment every two weeks, resulting in 26 half-payments or 13 full payments annually. This extra payment per year helps in reducing the principal balance faster, allowing homeowners to save on interest and pay off the loan sooner.
Jumbo mortgages are loans that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Borrowers seeking high-value homes often opt for fixed-rate jumbo mortgages, which provide the stability of a fixed interest rate despite the loan amount surpassing conventional limits. A professional may guide clients through the nuances of each type, considering individual financial situations and long-term goals. They assess factors such as the buyer’s income, credit score, and future financial outlook to recommend the most suitable fixed-rate mortgage. They also may help clients understand the implications of down payments, closing costs, and other associated fees, ensuring a comprehensive understanding of the financial commitment involved in purchasing a home.
In conclusion, the expertise of a mortgage professional is invaluable when navigating the array of fixed-rate mortgage options. By providing tailored advice and comprehensive information, these professionals empower homebuyers to make confident decisions, setting them on a path to secure homeownership with a mortgage that aligns with their needs and financial aspirations.
Why Choose us
We’re a small mortgage lender with long-standing relationships.
At Terranova Mortgage, we combine the personalized service of a small firm with the experience and reliability of a trusted partner. Our long-standing relationships with clients, realtors, and financial institutions allow us to offer tailored mortgage solutions and a smoother path to homeownership.
We offer competitive rates and flexible loan options to fit your financial goals. Let us help you save more on your mortgage with pricing you can trust.
Get started with a free consultation to explore your mortgage options. Our team is here to answer your questions and guide you with no obligation.
We stay connected long after closing by offering lifetime loan tracking. Count on us to monitor opportunities to save or refinance when the time is right.
Enjoy peace of mind with our 24/7 premium support. We’re always here to assist you with quick answers, expert guidance, and personalized service.
Testimonial
Client Feedback
"I had an exceptional experience working with Team Terranova for my home loan. Their team guided me through the entire process, answering all my questions and ensuring a smooth and hassle-free application. Thanks to their expertise, I secured a great mortgage rate and now I'm living in my dream home. Highly recommended!"
"Team Terranova made the mortgage process simple and stress-free. Their knowledgeable team provided me with personalized guidance, helping me understand my options and choose the right loan for my needs. They were responsive and professional throughout, and I couldn't be happier with the results. Thank you, MortgaVista!"
"I am extremely grateful to Team Terranova for their exceptional service. They went above and beyond to ensure I received the best mortgage terms possible. The team was attentive, detail-oriented, and provided timely updates at every stage. I highly appreciate their expertise and dedication. MortgaVista is the go-to solution for anyone seeking reliable mortgage services."