|
A Conventional Fixed-Loan for a Custom Number of Years
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
- Interest rate not subject to upward market fluctuations
Disadvantages:
- Higher interest rate
- Greater interest expense over the life of the loan
- Must refinance in order to take advantage of downward market fluctuation
|
