With a 20 year fixed rate mortgage you pay a lower interest rate and build equity more quickly than you would with a 30 year fixed rate mortgage. The interest rate and monthly payments remain constant and fully pay off the loan in 20 years.
The only downside of the 20 year fixed rate mortgage is that the monthly payment is higher than on the 30 year fixed rate mortgage. 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!