For borrowers that plan to stay in their homes for a long time, Terry Williams, The Mortgage Doctor at ENG Lending offers several fixed rate mortgage options—including 10, 15, 20, and 30 year programs.
They are ideal for you if you are looking to build equity, through the purchase of a stable, traditional mortgage.
Terry Williams, The Mortgage Doctor can develop a comprehensive spreadsheet that illustrates the difference in payments among the fixed-rate mortgage options. They will be discussed with the consumer to help determine the choice that best meets their needs.
Fixed-Rate Mortgage Options- 30 Year Fixed
- This option offers the benefit of the most stability. Many consumers select this option because it offers a consistent payment, that will never change. However, the interest rate is higher than shorter fixed-rate options. However, because payments are amortized over a longer time period, monthly payments are lower.
- 20-, 15-, and 10-Year Fixed
- Borrowers that elect to purchase fixed-rate mortgages of a shorter duration, such as a 20-, 15-, or 10-year fixed-rate mortgage programs, pay higher monthly payments, but the interest rate is lower on these mortgages than on 30 -year mortgages.
Rest assured, Terry Williams, The Mortgage Doctor will walk you through the options and help you select the mortgage that fits your needs.
Need more information? Call Terry Williams, The Mortgage Doctor at (402) 301-4500 or start an application today!
