Fixed Rate Mortgage

Fixed Rate Mortgage

Fixed Rate Mortgage:
 
With a fixed rate mortgage, the interest rate does not change for the term of the loan; the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be.
 
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.
 
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
 
Benefits:
·         Lower monthly payments than a 15 year fixed rate mortgage
·         Interest rate does not go up
·         Payment does not go up, it stays the same for 30 years
 
Drawbacks:
·         Higher interest rate than a 15 year fixed rate mortgage
·         Interest rate stays the same even if interest rates go down
 
A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.
 
Benefits:
·         Lower interest rate
·         Build equity faster
·         If interest rates go up, yours is fixed
 
Drawbacks:
·         Higher monthly payment stays the same if interest rates go down
·         Interest rate stays the same even if interest rates go down
 

CONTACT INFO

2801 Townsgate Road
Suite 101
Westlake Village, CA 91361

LICENSING

NMLS# 297547
CA BRE# 01249934

CSMC Mortgage
NMLS ID #1570216
CA DRE# 02021660

NMLS Consumer Access

Equal Housing Lender

© 2022 Customer Service Mortgage Corporation dba CSMC Mortgage, 2801 Townsgate Road, #101, Westlake Village, CA 91361. 805-212-7710. Trade/service marks are the property of CSMC Mortgage and/or its subsidiaries or affiliates. NMLS ID #1570216 (www.nmlsconsumeraccess.org). Loans made or arranged pursuant to a California Financing Law License, DFPI license #60DFPI101749 or a CA DRE real estate broker license, License No. 02021660 and UT-DRE #10464319-NMLC. Some products may not be available in all states. Information, rates and pricing are subject to change. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply. All rights reserved.