Fixed Rate Mortgages...
With a fixed rate mortgage, the interest rate remains
unchanged throughout the term of your loan. Because of that,
your monthly payments of principal and interest will always be
the same. Most fixed rate mortgages are for 15 or 30 year
terms, although The Mortgage SuperCenter also offers fixed rate
loans for 10, 20, 25 and 40 year periods.
Historically, fixed-rate mortgages have been homeowners’ most
popular type of loan. That is because the fixed monthly payment
is easy to plan and budget for and can help protect against
inflation.
The Mortgage SuperCenter has a wide variety of fixed rate
mortgage programs. These include:
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Jumbo Loans: These loans are
for amounts greater than $333,700 (for single-family
homes). The Mortgage SuperCenter offers jumbo loans
for a broad range of transactions, including funding
for first-time home buyers to financing for owners
of large estates. In some cases, a combination
first mortgage for $333,700 or less and a second
mortgage may be a better option than a jumbo loan.
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Low and No Down Payment Loans:
First-time home buyers and those who have not saved
a large down payment may wish to take advantage of
our low and no down payment programs.
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Balloon Loans: A balloon
loan is a fixed rate loan for a term of typically 5,
7, 10 or 15 years. At the end of the term, the loan
balance “balloons” and must be repaid. Balloon
loans typically have lower interest rates than
regular fixed rate mortgages.
Balloon loans may be appropriate if you are
selling your home at or before the end of the fixed
rate term, expect future interest rates to decline
(so you can refinance at a lower rate when the term
ends rather than have to find money to repay the
balloon), or expect to receive a cash lump-sum in
the future to repay the balloon. Because of a
balloon loan’s generally lower interest rate and
monthly payment compared to a regular fixed rate
mortgage, it also may be considered if a home buyer
wishes to qualify to purchase a more expensive home.
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Second Mortgage Loans: Learn
more about second mortgages in our section on
Home
Equity Loans and Lines of Credit. |
No matter what type of mortgage you choose, The Mortgage
SuperCenter will be there to help you finance your dreams!
Call us at (203) 465-7976 or
contact us
on-line to make your dream a reality today!
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