Discover peace of mind with the best fixed rate mortgage. Create your own combination loan, combining the 40 year fixed rate mortgage and 15 year fixed rate mortgage. Assure yourself of the lowest fixed payment possible. Yet pay your mortgage down as quickly as you like. All you need are my tips and tricks.
Remember Forrest Gump? While they polished their boots together, his friend Bubba described the many ways his mama cooked shrimp. Quoting from the movie Forrest Gump...
Hi, my name is Kate and I'm a retired mortgage broker. For over 20 years, I helped thousands of people borrow millions of dollars. I understood loan programs and taught my clients the tricks to getting their best fixed mortgages. Now I've created Get Your Best Mortgage Rate to share my tips and tricks with you.
Tips For The Best Fixed Rate Mortgage
Principal #1
The longer the term (years), the lower the mortgage payment
The longer the term (years), more interest is paid
The longer the term (years), the slower the principal is paid off
Tip: If you want the lowest mortgage payment, 40 year terms are your best fixed mortgages.
Principle #2
The shorter the term (years), the higher the mortgage payment
The shorter the term (years), less interest is paid
The shorter the term (years), the quicker the principal is paid off
Tip: If you want the mortgage paid off quickly, 15 year terms are your best fixed mortgages.
Best Fixed Rate Mortgage Payments
Estimated monthly payments - $200,000 at 6%
40 year fixed rate mortgage - $1100
30 year fixed rate mortgage - $1199
25 year fixed rate mortgage - $1288
20 year fixed rate mortgage - $1432
15 year fixed rate mortgage - $1687
Tip: Remember to add 1/12 of the annual insurance premium and property taxes to the payments shown above. For more help on budgeting mortgage payments, click here for How Much Mortgage Can I Afford?
OK, finally, here is my little trick! Pick a longer term for the lowest payments, like a 40 year fixed rate mortgage. Make extra principal payments if you desire to pay less interest and reduce the principal faster, similar to having a 15 year fixed rate mortgage.
Then during a month when you need a lower payment, you'll have a safety net of the 40 year fixed rate mortgage.
Remember to use Kate's little trick to combine the best of both worlds, the advantages to a 15 year fixed rate mortgage, rapid principal pay down, with the safety net of the 40 year fixed rate mortgage, lower monthly payments.
Kate's Mortgage Rate Lock Guarantee Uncovering secrets to the mortgage rate lock...Learn Kate's common sense approach to getting your lowest current mortgage interest rates.
HOME TO Best Mortgage Rate Enter the secret world of mortgage lending. Kate unlocks the code to getting your best mortgage rate. Uncover essential keys to low mortgage payments.
Tip: If you want the lowest mortgage payment, 40 year terms are your best fixed mortgages.
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