Home loans come in many different packages and even during periods when the mortgage market is unstable, you will always find fixed rate mortgage options.
Fixed Rate Terms
A fixed-rate loan gives you a set interest rate and a set term. The term of a loan is the number of years in which you will pay the loan off and typical fixed terms are 30-year and 15-year fixed rate loans, although 10- and 20-year loans exist as well. Shorter loan terms require a larger monthly payment, and the inverse is true of longer loan terms with lower monthly payments.
While you will pay less each month on a loan payment with a longer term you will also pay more in interest. The amount of interest on a 30 year loan is staggering if the loan is not paid off before 30 years, although income tax deductions for mortgage interest help to alleviate some of this burden.
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