Why would I want a Twenty-Five (25) Year Fixed Rate Mortgage
A Twenty-Five (25) Year Fixed Rate Mortgage is perfect for people who want a Fixed Rate Mortgage with a slightly shorter term than the average thirty year term.
What can I use a Twenty-Five (25) Year Fixed Rate Mortgage for, and what are my options
You can use a Twenty-Five (25) Year Fixed Rate Mortgage to buy your home. If a twenty-five year term is not quite right for you, you might consider a ten, fifteen, twenty, thirty, or forty year term for you Fixed Rate Mortgage.
Why should I get a Twenty-Five (25) Year Fixed Rate Mortgage
A Twenty-Five (25) Year Fixed Rate Mortgage offers all the benefits of a Fixed Rate Mortgage. If you apply for your mortgage while interest rates are low, you will have the luxury of always paying a low interest rate on your loan. Even if you get your mortgage while interest rates are a little high, you can always choose to refinance your mortgage if interest rates drop significantly. Also, the Twenty-Five Year Fixed Rate Mortgage comes with a term that many people find quite reasonable.
How can I get a Twenty-Five (25) Year Fixed Rate Mortgage
We would be happy to help you apply for a Twenty-Five (25) Year Fixed Rate Mortgage. Click here to continue.
How can my FICO/Credit Score affect my mortgage rate
Your Credit Score and FICO are very important factors in determining your mortgage rate. First, we suggest that you get your free online credit report, and see where you fit on the mortgage desirability scale. If you scored between 720 and 850 you are A-Paper. You have good credit. However, if you scored below 660, you may have trouble finding a lender who will work with you, even though the official cutoff for Sub-Prime and Non-Prime lending is 620.
Q: How far should I let the interest rates drop before I refinance a Twenty-Five (25) Year Fixed Rate Mortgage?
A: Most lenders advise that you wait until the interest rate drops a full two points below the one you are paying. Two points is enough to cover closing fees and other legal costs and still see a difference on your monthly payments.
Q: What are some drawbacks for a Twenty-Five (25) Year Fixed Rate Mortgage?
A: The drawbacks you would find for this mortgage are all things you would find in any Fixed Rate Mortgage, and are all fixable. You may find yourself stuck with a high interest rate for awhile, but in the course of twenty-five years, you shouldn’t have too much trouble finding interest rates fall low enough to refinance.
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