Fixed Rate Mortgage Information

For borrowers that plan to stay in their homes for a long time, BOE Mortgage offers several fixed rate mortgage options—including 10, 15, 20, and 30 year programs.

They are ideal for you if you are looking to build equity through the purchase of a stable, traditional mortgage. Our loan team can develop a comprehensive spreadsheet that illustrates the difference in payments among the fixed-rate mortgage options. They will be discussed with the consumer to help determine the choice that best meets their needs.

Fixed-Rate Mortgage Options

30 Year Fixed

This option offers the benefit of being the most stable. Many consumers select this option because it offers a consistent payment that will never change. Though the interest rate is higher than shorter fixed-rate options, monthly payments are lower because payments are amortized over a longer period of time.

20-, 15-, and 10-Year Fixed

Borrowers that elect to purchase fixed-rate mortgages of a shorter duration, such as a 20-, 15-, or 10-year fixed-rate mortgage programs, pay higher monthly payments, but the interest rate on these mortgages are comparatively lower than on a 30-year mortgage.

Rest assured, a Bank of England loan specialist will walk you through the options and help you select the mortgage that fits your needs.

Need more information? Give us a call at (724) 776-4100 or start an application today!

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