Fixed Rate Mortgage

A fixed rate mortgage is perfect for people would want the safety and consistency of a rate rate that will not change over the life of the loan.

There are two types of fixed rates, the 30-year and the 15-year mortgage rates. Compared to the Adjustable Rate Mortgage (ARM) which usually starts out with smaller payments but gradually increases over a certain period, fixed rates are just that, fixed.

30-Year Fixed Rate Mortgage

• Buyers get a fixed rate for 30 years. It offers peace of mind knowing your principal payment will not increase over time.
• Monthly payments on a 30 year fixed will be lower than those with a 15-year fixed rate mortgage because of the longer period of amortization (amount of time you are paying the note)

15-Year Fixed Rate Mortgage

The 15 year offers the save benefits as the 30 year fixed mortgage in terms of rate consistency; however it does offer some unique advantages:

• Interest rates are lower than the 30-year fixed rate mortgage which makes it attractive to some because the inflation risk is lesser over a long-term.
• Buyers are able build equity in their home faster because of the shorter period of payment it covers compared to the 30-year fixed rate mortgage
• Monthly payments will be higher since the time to payoff the loan if half of the 30 year but more of your payment goes towards your principal, not your interest.
• Total interest payments are significantly lower than the 30-year fixed rate mortgage.

In addition to a typical 15 and 30 year fixed rate, RHMC offers fixed rate mortgages in many with a plethora of terms to suit your unique needs – we call it Mortgage Your Way and it allows you a 5-30 year term, or anything in between . We will help you determine what terms best meets your objectives.

Mortgage rates continue to hover around all time lows. Now is a great time to lock in a steady fixed rate loan.

RHMC combines the expertise and comprehensive array of mortgage products offered by national banks with a culture that prioritizes unparalleled personal service. We understand that each borrower has unique goals. We specialize in creating custom mortgage solutions tailored to meet the needs of each individual client. RHMC offers rates below the industry average, coupled with award-winning customer service – earning us an A+ rating with the BBB. We offer: Better Rates. Better Service. A Better Mortgage. ™

Contact Us Today to Discuss Your Fixed Rate Mortgage Needs!

RHMC provides A Better NJ Mortgage, NY Mortgage, PA Mortgage, and CT Mortgage.