Fixed Rate Mortgages are mortgage loans where the rate and terms of the loan remain fixed through the life of the loan. Generally fixed rate loans have terms of 30, 25, 20, 15, or 10 years. Shorter term loans have lower interest rates. The payments for shorter term loans are higher than for longer term loans because principal portion of the payment is larger.

Fixed Rate Mortgages make sense for the majority of borrowers because the interest rate risk remains with the lender, not the borrower. If you think that you may be in your home for a short period of time then a fixed rate loan may not make sense for you. Otherwise, stick with fixed rates.

The Experts at SunQuest Funding can help you determine the correct fixed rate program to meet your financial needs. We have the experience to help you maintain your cash flow and savings while making one of the largest purchases you may ever make.