Why would I want a Ten (10) Year Fixed Rate Mortgage
A Ten (10) Year Fixed Rate Mortgage offers all the benefits of a traditional Fixed Rate Mortgage. If you can get your mortgage locked in while interest rates are low, you will get a great rate for the life of the loan. The Ten (10) Year portion of this mortgage’s title simply refers to the term of the mortgage; your payments will be spread over ten years if you choose this option.
What can I use a Ten (10) Year Fixed Rate Mortgage for, and what are my options
The Ten (10) Year Fixed Rate Mortgage is useful because of its predictability. You will always pay the same amount on your mortgage every month. However, if a ten (10) year term does not work for you, you can consider a fifteen (15) year, twenty (20) year, twenty-five (25) year, thirty (30) year, or forty (40) year term.
Why should I get a Ten (10) Year Fixed Rate Mortgage?
The most attractive feature of the Ten Year Fixed Rate Mortgage beside its fixed rate is the length. Ten (10) Years is the shortest term most lenders offer for a fixed rate mortgage. Of course, your monthly payments will be higher, but if you can afford them, it may be worth it. In the end you will spend less money on interest, you will build equity more quickly, and you will own your house outright after a decade.
How can I get a Ten (10) Year Fixed Rate Mortgage
We can offer you a Ten (10) Year Fixed Rate Mortgage. Click here to apply.
How can my FICO/Credit Score affect my mortgage rate
Your Credit Score is very important. You can get your free online credit report and score. If you scored between 720 and 850, you are A-Paper. If you scored below 660, you will have trouble finding a lender even though the official cutoff between A-Paper and Sub-Prime or Non-Prime Lending is 620.
Q: What will happen if interest rates drop considerably a few years after I secure my loan? Am I stuck paying a high interest rate for the whole ten years?
A: Of course not. If the current market interest rate is two points or more below the one you are paying, consider refinancing. Two points will cover closing costs and other miscellaneous fees, and will still save you money on your monthly payments.
Q: What if I change careers, and end up making less money than I did when I got my mortgage? What if my mortgage does not fit into my budget anymore?
A: There are multiple options you can choose from. First, you may want to consider refinancing for a longer term, or for an adjustable rate mortgage. This may make your monthly payments lower. However, if your situation has gotten out of hand and you find you can’t pay any of your bills anymore, you may want to consider debt consolidation.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.