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20 Year Fixed Rate Mortgage

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A 20 Year Fixed Rate Mortgage can be a good alternative to conventional 30 Year Fixed Rate Mortgage. Total Mortgage Services offers some of the lowest 20 year fixed mortgage rates in the industry.

A fixed rate mortgage is among the most common lending vehicles. It is a loan with a constant, set interest rate that is established when the loan is issued and does not deviate over the course of the mortgage. The appeal of the 20 year fixed mortgage is that the borrower knows precisely how much he or she will pay per month over the course of the loan. Adjustable rate loans often offer lower introductory teaser rates than fixed rate mortgages, but the interest rate could potentially increase after a set period of time.

Fixed Rate Mortgages are recommended for a variety of people, those who are on a fixed income, those who intend to stay at their residence for a long period of time, those who need the benefit of a pre-determined monthly payment, and those who are taking advantage of low current mortgage rates.

The most common fixed loans are of a 30 or 15 year term. Thirty year mortgages offer lower monthly payments than the shorter 15 year loan, but charge a higher interest rate. Monthly payments on 15 year mortgages are substantially higher than the 30 year mortgage, but offers significant savings in interest payments over the life of the loan. A less common but increasingly popular option is the 20 year fixed rate mortgage which splits the difference between the two options, and is a good option for those who can afford to spend more money in the short run to save money in interest payments in the long run.

For more information regarding 20 year fixed rate mortgages, contact one of our Total Mortgage loan professionals at 877-868-2503.

Call a Total Mortgage expert now at 877-868-2503 to find out how we can customize a mortgage loan with some of the lowest current mortgage rates for you.

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Refinance Tips

When you are considering refinancing your mortgage loan, here are a few useful tips:

Your current lender and the bank you use for your checking account may not offer the lowest mortgage rates. Shop around for competitive mortgage refinance rates.
Don't assume you don't qualify for some of the lowest mortgage rates. Ask one of our mortgage experts first.
Pick a mortgage refinance program that meets your individual needs. Consider your monthly payments, qualification criteria, total closing costs, and how long you expect to remain in your home.
Beware of mortgage refinance rates significantly below competitors' rates. It may be too good to be true.
Read Mortgage FAQs and work with an experienced lender that's knowledgeable about different programs.

Check if you can refinance and save today. Our experienced mortgage banking experts will guide you through the mortgage refinance process and help make sure your loan closes on time.

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