Fixed-rate conventional financing refers to a type of mortgage loan where the interest rate remains constant throughout the entire term of the loan. This means that the borrower’s monthly principal and interest payments remain the same from the beginning to the end of the loan term, providing predictability and stability for the borrower. Here are some key characteristics of fixed-rate conventional financing:
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Stable Payments
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Interest Rate Locked
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Term Options 15, 20, or 30yr.
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Predictable Total Interest Costs
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No Risk of Rate Increases
- Long-term Planning
Overall, fixed-rate conventional financing provides borrowers with stability, predictability, and peace of mind, making it a popular choice for many homebuyers and homeowners. Borrowers should carefully consider their financial goals and preferences when choosing between fixed-rate and adjustable-rate mortgage options.
NMLS#70160