Total Mortgage is posting some of the lowest current mortgage rates in the nation. One of the featured mortgage products at Total Mortgage is a 30 year fixed conventional mortgage. This 30 year fixed rate mortgage is currently being offered with a 4.125% mortgage rate and a 4.323% APR.
One of the major perks of a 30 year fixed rate mortgage is that you will have low payments every month. Your mortgage rate may be a little higher than if you had a loan with a shorter term, maybe 15 or 20 years, but the length of the loan will allow you to have reduced payments.
A fixed rate mortgage has 3 main characteristics. The first two, being the term and amount of the loan, will vary depending on your situation. The last is the compounding frequency which can be monthly, yearly, etc. If you know these three things then you can determine exactly what your payments will be each and every month.
With mortgage rates as low as they are for a 30 year fixed conventional mortgage there is no reason to consider another mortgage product. Adjustable rate mortgages (ARM) may provide lower mortgage rates initially but you may run the risk of having significant rate increases in the future.
For a free rate quote fill out this form or call 877-868-2503 to speak with a licensed mortgage expert.
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