- Fixed Rate Mortgage:
- With a fixed rate mortgage, the interest rate does not change for the term of the loan, so the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be.
Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate with terms of 20, 15 and 10 years available.
Bob is a specialist at helping local families find the right mortgage program as he has done for 100’s of Utah families over the past 9 years.
Call Bob now at 801-499-2500
Utah DRE 5588057-MLAF