15 And 30-Year Fixed-Rate Loans
Save on Interest and Monthly Payments with a Fixed-Rate Loan
Fixed-rate mortgages are more common than adjustable-rate mortgages among homebuyers since they offer a lower interest rate over the life of the loan. With a fixed-rate mortgage, the interest rate is locked throughout the life loan, ensuring there will be no change to principal or interest payments. However, it is important to note, the amount of insurance and taxes may be subject to change over time.
At American Independent Mortgage, we provide 15 and 30-year fixed-rate loan options to help borrowers with their purchase or refinance needs.
Benefits of Fixed-Rate Loans
15-Year Fixed-Rate Loan Benefits
- Mortgage is paid off faster
- Consistent monthly principal and interest payments
- Lower interest rates
- Allows borrower to manage and build equity in less time
- Saves money
- Can be utilized as a retirement tool
- Refinance options available
- Mortgage insurance can be waived with a down payment of 20% or more
Our Fixed-Rate Mortgage Options
- Purchase
- Refinance
- Conventional
- Government-insured
- FHA, VA and USDA
30-Year Fixed-Rate Loan Benefits
- Consistent monthly principal and interest payments
- Easy to understand with simple loan terms
- Monthly payments are lower than a 15-year fixed-rate loan
- Refinance options available
- Mortgage insurance can be waived with a down payment of 20% or more
Fixed-Rate Loan Requirements
- Minimum 3% down payment
- Minimum credit score of 620
- Debt-to-income ratio less than 50%.
- Sufficient funds to cover various costs
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