This page originally highlighted First Franklin's 50-year fixed rate mortgage product. The program was essentially a 30 year fixed rate mortgage with a 50 year loan amortization.
They also offered this product as a 2/28, 3/27 and 5/25 ARMs with a 50 year home mortgage loan amortization.
Great 40 Year Mortgage Rates
our site is pleased to provide visitors with information on 40 year fixed mortgage programs. 40 year mortgage rates tend to be slightly higher than that of a 30 year fixed, but the monthly payment could be lower due to the extended term of the loan. This program may be a good alternative to borrowers who do not feel comfortable in an adjustable rate mortgage but want or need the low monthly payment that this program offers. Customers who pursue a 40 year mortgage are usually looking for one of two things - either they are searching for a lower payment so they can afford a more expensive house, or they simply want a lower payment without the instability of an ARM product. Contact the lenders and brokers listed on our site to find out if a 40 year home loan is the right choice for you and your family.
If you looking for a great 30 year mortgage rate, then you have come to the right place. No matter how many specialty financing products hit the market, no program is as popular as traditional, fully amortizing, 30 year mortgage products.
If you are not sure that you can afford the payments of a 15 year fixed mortgage or you do not want to stretch your loan out to a 30 year fixed or 40 year fixed rate product, then a 20 year mortgage program might be right for you. 20 year home loan programs have become increasingly more popular in recent years by providing a happy medium between long term and short term fixed rate products. Typically, the rates for these loans fall somewhere between their 15 year mortgage and 30 year fixed counterparts.
10 Year Fixed Mortgage Rate Loan - As an Alternative to a Line of Credit
People also may want to consider doing a cash-out, 10 year home loan refinance rather than taking out an adjustable HELOC or a fixed rate standalone line of credit. If you owe very little on your current loan or have paid off your house in full, then it may pay to consider the benefits of a ten year mortgage. First of all, the ten year fixed mortgage will likely carry a lower rate than the adjustable or fixed line of credit. Second, you get to feel secure knowing that your rate will be locked in place for ten solid years. You can contact a mortgage company listed on our site by dialing the numbers listed in the survey at the top of this page.
Our site is designed so that consumers can search for some of the lowest 15 year mortgage rates in the industry. Contact some of the lenders and brokers listed on this site and ask for a good faith estimate and truth-in-lending statement. Best of luck in your search for great 15 year home loan rates.
15 Year Fixed Rate at 5.50%
$150,000 Loan Amount
Monthly principal and interest payment: $1,225.63
Total interest paid over the life of the loan: $70,612.53
Average monthly interest paid over the life of the loan: $196.15
The pros of a 15-year fixed mortgage:
it's a predictable monthly payment; the pay-down on a 15-year fixed is half the time of a 30-year fixed; the rates are usually lower than a 30-year fixed mortgage; and it's relatively simple and maintenance-free once you lock the rate (you don't need to worry about rate fluctuation).
Who should get 15-year fixed mortgages?
People who desire a predictable, fixed deduction from their monthly budget, want a shorter loan term, and can tolerate a higher monthly payment are well-suited for 15-year fixed mortgages.
A greater period of repayment security can be gained by opting for a longer term fixed rate. As well as security, with a longer term fixed rate you do not need to search for a new mortgage every couple of years, as you might do with a shorter term fixed mortgage.