Fixed Rate Mortgage
Plan your budget with the assurance of a consistent mortgage payment at a low, fixed-rate that remains unchanged over the entire duration of your loan.
The 15-Year Mortgage
You'll pay significantly less in interest. Opting for a 15-year mortgage when borrowing $100,000 can lead to substantial interest savings, especially with the typically lower rates available for 15-year mortgages.
Your monthly payment may be slightly higher initially due to a greater allocation towards the principal, but achieving a mortgage-free status in half the time is remarkable.
The 30-Year Mortgage
30yr fixed rate mortgage offers a set interest rate for the 30yr term of the loan and will not fluctuate at anytime over the 30yr period.
How It Works:
- Monthly payments are determined by your interest rate, principal loan amount, and the amortized interest over 30 years.
- With a Fixed Rate Mortgage, your interest rate remains constant, even if market rates rise.
- Your payment remains consistent throughout the entire loan term.
- Your actual payment may vary depending on your unique circumstances and prevailing interest rates at the time of application.
- You have the flexibility to pay off your mortgage at any time without incurring pre-payment penalties.
Embark on your journey toward mortgage approval right here.
At Rate Simple, securing your dream home begins with the first step of the mortgage approval process. By initiating your application with us, you're taking the essential stride toward turning your homeownership aspirations into reality.