 Back to Loan Programs
|
 Conventional Fixed Rate - 10, 15 year, 20 year, and 30 year
Fixed-rate mortgages are stable and offer long-term savings. Because the interest rate never changes, the monthly principal and interest payment never changes either.
If you plan to own your home for at least 5 years, a fixed-rate mortgage can help protect you from inflation. Because your mortgage principal and interest payment remains the same it is easier to budget.
| •
|
Fixed-rate mortgages offer 10, 15, 20 and 30 year terms.
|
| •
|
A monthly principal and interest payment that doesn't change helps with financial planning.
|
| •
|
If interest rates go up, your monthly principal and interest payment will not increase.
|
Longer Terms such as 20 and 30 years:
| •
|
Qualify for a larger loan amount.
|
| •
|
Have higher interest rates.
|
| •
|
Pay more interest in total than shorter term loans.
|
| •
|
Are a good choice if you don't plan to move or refinance for at least 10 years or if interest rates were low when you locked in the rate.
|
Shorter terms such as 10 and 15 years:
| •
|
Have lower interest rates.
|
| •
|
Have a shorter period (term) to pay back the principal. Because of the shorter term the monthly payments are higher but more of the payment goes to principal and less to interest.
|
| •
|
Build equity faster.
|
| •
|
Have higher monthly payments - because of which, you may qualify for a smaller loan amount.
|
| •
|
Are a good choice if you want to build equity quickly or you'd rather pay less interest than buy a more expensive home.
|
|
|
"Until we talked to the First Patriot professionals, I had no idea getting pre-approved could be done so quickly. Our loan officer, Jeff, made the mortgage process understandable and helped us make some big decisions towards buying our first home."
- Scott and Mary Beth Hamwey, Boston, MA
|
|
|
Home | Apply | Today's Rates | Programs
| About Us | Contact Us
| Happy Customers