Fixed Rate Mortgage Loan Programs

With a fixed-rate loan, your monthly payment of principal and interest never changes for the life of the loan. Although other elements may increase like your property taxes (we  may almost say down, too!), and so might your homeowner's insurance premium part of your monthly payment, but generally with a fixed-rate loan your payment will be very stable. 

Fixed-rate loans are available in all sorts of shapes and sizes: 40-years, 30-year, 20-year, 15-year, even 10-year. Some fixed-rate mortgages are called "biweekly" mortgages and shorten the life of your loan. You pay every two weeks, a total of 26 payments a year -- which adds up to an "extra" monthly payment every year.

During the early amortization period of a fixed-rate loan, a large percentage of your monthly payment goes toward interest, and a much smaller part toward principal. That gradually reverses itself as the loan ages.

You might choose a fixed-rate loan if you want to lock in a low rate. If you have an Adjustable Rate Mortgage (ARM) now, refinancing with a fixed-rate loan can give you more monthly payment stability.

For more information on Fixed Rate Loan Programs, click here to contact us or call 813-655-HOME

Serving Tampa, St. Petersberg, Clearwater, Brandon, Bloomingdale, Lake Magdalene, Lutz, New Port Richey, Oldsmar, Palm Harbor, Riverview, Temple Terrace, Town 'n' Country, Valrico, Wesley Chapel, Westchase and the entire Tampa Bay area and state of Florida. 

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American Dream Home Mortgage Inc. | 1219 Millennium Parkway, Suite 132 | Brandon, FL 33511-8178 | (813) 655-4663 floridabestlending.com