Fixed Rate Loan

The Security of a Fixed Monthly Payment

Rebecca Foote Mortgage Team provides fixed rate mortgages (FRM) which guarantees the security of a fixed monthly payment that will never change. Fixed Rate loan payments are fully amortized, which means that payments are calculated throughout the term of the loan until the mortgage is paid in full. While the most popular terms are 30 and 15 years, you may also choose a 10, 20, or 25 year term. Instead, you may also have the option to choose any term that is not in 5 year increments, which is typically done to either match the remaining term of a current mortgage when refinancing or to match a major life event, such as retirement.

Generally, the lower the term of the loan, the lower the interest rate may be. Most other loan types, such as FHA, VA, USDA and others, are available as a fixed rate loan.

Features of This Loan

• Predictable monthly principal and interest (P&I) payments.
• Protection from rising interest rates
• Option to choose a customized loan term (for example, 22 years)

Consideration Points for Borrowers

• Have limited or fixed incomes
• Planning to stay in the home for a long time
• Need the peace of mind of a stable payment

If you have any questions about Fixed Rate Loans, don’t hesitate to reach our to my team at (717) 609-4044. We are happy to answer your questions and would love to work with you!