Of all of the fixed rate loan options, the 10 year fixed rate is the shortest term and offers lowest interest rate. With a 10 year fixed rate mortgage you pay a lower interest rate and build equity more quickly than you would for a longer term fixed rate mortgage. The interest rate and monthly payment remains constant and fully pays off the loan in 10 years.
The downside of the 10 year fixed rate mortgage is that the monthly payment is considerably higher that on the longer term fixed rate mortgage programs. This is necessary to allow the loan to be paid off over the shorter term. However, if you can afford the higher payments, the interest savings over the life of the loan are considerable.
We offer a wide range of fixed rate mortgage programs, from ten years all the way up to thirty. Visit our specific fixed rate program pages to see how each can benefit you!