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Long Term Fixed Rate Mortgage
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If you are looking for a long term fixed rate mortgage you really have 2 main choices to choose from. The original long term fixed rate mortgage is the standard 30 year fixed. This has been pretty much the standard for long term fixed rate mortgages. However there is now a 40 year fixed mortgage availible to borrowers of all credit grades and some sub prime lenders are offering 45 and 50 year mortgages. However the 45 and 50 year loans are generally adjustable mortgages and not a long term fixed rate mortgageThe 30 Year Fixed loan gives the consumer the option of prepaying their loan at any time. You can ask your mortgage professional for an amortization schedule to prepay your loan; while still having the comfort of know your "minimum" payment is still a 30 Year payout.
Some consumers even consider a 10, 15 and/or 20 year fixed rate mortgage to be long term. While 30 year fixed rates are the most commmon mortgage loan and rate options used by most consumers a 20, 15, and 10 year mortgage will normally provide a lower fixed rate than a 30 year mortgage. Also, you will be able to save tens of thousands, and many times hundreds of thousands, of dollars by going with a 20, 15, or 10 year mortgage versus a 30 year, 40, year or even a 50 year mortgage.
If you are considering refinancing your adjustable rate mortgage to convert to a long term fixed rate mortgage, please review some of the most popular fixed rate loan options, and evaluate their pros and cons.
As many have found out over the last few years, the market has its ups and downs. If you're not mortgage savvy your best bet is always a fixed rate mortgage. Work along with your mortgage consultant to determine which term is right for you.