The basic type of mortgage is the Fixed-Rate Mortgage. Your monthly payment is the same every month for the entire length of the loan. Fixed loan amounts usually carry higher rates of interest than other types of mortgages, but they offer the security and piece of mind your monthly payment and interest rate will not change.
The 30-Year Fixed-Rate Mortgage This type of loan allows you to borrow more money for the same monthly payment than shorter term loans. It may also be possible to have both a lower down payment and monthly payment.
The 15-Year Fixed-Rate Mortgage This loan is better for lower-priced homes. They require a higher down payment and monthly payment, but the term of the loan is half as long as a 30 year. This will provide you with significant savings and lower your total cost of ownership (TCO) on the total amount of interest paid loan.
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