20 Year Fixed Rate Mortgage
Features & benefits
- This mortgage has a fixed interest rate for 20 years. The monthly payment is sufficient to pay back the entire loan in 20 years rather than 30. Interest savings is a result of quicker payoff and maybe even greater if the 20-year rate is lower than the 30-year rate.
- You have fixed-rate security for the entire loan term and a more rapid build-up of equity. There is also significant interest savings. This mortgage is helpful if you plan to stay in the house long term.
Disadvantage:
There is a higher monthly payment than a 30-year loan due to a shorter term. The rate may still be higher than the initial ARM rate.
Tip:
Some borrowers can save money and pay off their mortgages sooner by making bi-weekly payments.
Mortgage details
| Loan purpose | Loan amount | Maximum loan-to-value | Mortgage insurance required | Terms (years) |
|---|---|---|---|---|
| Purchase | $0-$832,750 | 0.00%-80.00% | No | 20 |
| Purchase | $0-$832,750 | 80.01%-95.00% | Yes | 20 |
| No Cash-Out Refinance | $0-$832,750 | 0.00%-80.00% | No | 20 |
| No Cash-Out Refinance | $0-$832,750 | 80.01%-95.00% | Yes | 20 |
| Cash-Out Refinance | $0-$832,750 | 0.00%-80.00% | No | 20 |
Displayed product information is valid for a one unit property only. For information on a property with more than one unit, please call 1-877-261-2820.