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Maryland Home Search: Fixed Rate Loans
The most common type of
mortgage
program where your monthly payments for
interest and
principal never change. Property taxes and homeowners
insurance may increase, but generally your monthly
payments will be very stable.
Fixed rate mortgages are available for 30 years, 20 years,
15 years and even 10 years. There are also "biweekly"
mortgages, which shorten the loan by calling for half the
monthly payment every two weeks. (Since there are 52 weeks
in a year, you make 26 payments, or 13 "months" worth,
every year.)
Fixed rate fully amortizing loans have two distinct
features. First, the interest rate remains fixed for the
life of the loan. Secondly, the payments remain level for
the life of the loan and are structured to repay the loan
at the end of the loan term. The most common fixed rate
loans are 15 year and 30 year mortgages.
During the early
amortization period, a large percentage
of the monthly payment is used for paying the interest .
As the loan is paid down, more of the monthly payment is
applied to principal . A typical 30 year
fixed rate
mortgage takes 22.5 years of level payments to pay half of
the original loan amount.
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in Southern Maryland and need to get the most current
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