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. Texas Premier Mortgage offers a variety of Fixed Rates on Texas Home Purchase, Texas Home Refinance, and Texas Home Equity Loan products. If you plan on staying in your home long-term this is the single best product we need to review. Call one of our Texas Licensed Loan Officers today!
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. Texas Premier Mortgage is a qualified Fixed Rate Mortgage Lender servicing clients in The Woodlands, Spring, Conroe, and does business in surrounding areas such as Houston, as well as the entire state of Texas.
A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate.
Benefits:
- Lower monthly payments than a 15 year fixed rate mortgage
- Interest rate does not go up if interest rates go up
- Payment does not go up, it stays the same for 30 years
Drawbacks:
- Higher interest rate than a 15 year fixed rate mortgage
- Interest rate stays the same even if interest rates go down
A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate.
Benefits:
- Lower interest rate
- Build equity faster
- If interest rates go up, yours is fixed
Drawbacks:
- Higher monthly payment stays the same if interest rates go down
- Interest rate stays the same even if interest rates go down
For more information about our home loans, their benefits and loan options and how it may apply to you, please contact us direct at 281-627-4222 or submit the quick quote form on this page.
