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A Conventional 15 Year Fixed Loan
The fixed rate mortgage provides a stable and predictable monthly mortgage payment. The monthly principal and interest payment remains the fixed during the entire term of your mortgage loan, which can be in any amount from 5-40 years.
Advantages:
- Fixed monthly payment
- Lower interest expense over the life of the loan
- Interest rate not subject to upward market fluctuations
Disadvantages:
- Higher interest rate
- Must refinance in order to take advantage of downward market fluctuation
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