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The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then stable-rate loans are usually cheaper.
We're here to make the home loan process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE 30-Year Fixed Rate Mortgage Qualifier.
We'll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you're a first-time home buyer or a seasoned investor.
Here's how our home loan process works:
Disclaimer: Section 1026.24(d)(1) of Federal Regulation Z states that additional disclosures are required if an advertisement for consumer credit contains any of the following terms:
i. The amount or percentage of any downpayment.
ii. The number of payments or period of repayment.
iii. The amount of any payment.
iv. The amount of any finance charge.
Section 1026.24(d)(2) of Federal Regulation Z states that if any of the terms described in Section 1026.24(d)(1) are present in an advertisement, the following terms must be disclosed:
i. The amount or percentage of the downpayment.
ii. The terms of repayment which reflect the repayment obligations over the full term of the loan.
iii. The "annual percentage rate," using that term, and disclose if the rate may be increased after consummation.
The Official Staff Commentary to Federal Regulation Z, Section 1026.24(d)(1)-2 states that the number of payments required or the total period of repayment includes such statements as 48-month payment terms, 30-year mortgage, and repayment in as many as 36 monthly installments.
The Official Staff Commentary to Federal Regulation Z, Section 1026.24(d)-1 states that under Section 1026.24(d)(1), whenever certain triggering terms appear in credit advertisements, the additional credit terms enumerated in Section 1026.24(d)(2) must also appear. These provisions apply even if the triggering term is not stated explicitly but may be readily determined from the advertisement.
Additionally, the licensee was advised that The Official Staff Commentary to Federal Regulation Z, Section 1026.24(d)(2)-2 states in pertinent part,
The phrase "terms of repayment" generally has the same meaning as the "payment schedule" required to be disclosed under § 1026.18(g), the interest rate and payment summary table required to be disclosed pursuant to § 1026.18(s), or the projected payments table required to be disclosed pursuant to § 1026.37(c) and § 1026.38(c), as applicable.
As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below:
