New York Fixed Rate Home Mortgage Loans
Fixed rate mortgages (also referred to as FRM) are the most commonly used New York home loan terms today. A fixed rate mortgage means that you will pay the same mortgage interest rate throughout the duration of the loan, which is generally 10, 15, 20 or 30 years.
With a New York fixed rate home mortgage loan, you will pay the same amount each month towards your mortgage, unless you later refinance your home loan to a lower rate, in which case you may be able to get lower monthly payments in the future.
Advantages of a New York FRM:
- Pay loans with a fixed interest rate through the duration of the repayment period.
- Fixed monthly or bi-weekly payment provides mental ease and security.
- Fixed income borrower can budget far more effectively without worry.
- Payments are never affected by increased mortgage rate.
- Mortgage can be paid off early without any penalty.
Disadvantages of Fixed Rate Mortgage
- This loan implements a fixed interest rate; therefore you will not be able to take advantage of a decreasing interest rate and lower monthly mortgage payment without refinancing.
- Loss of interest if you live in the house for less than 7 years. During the first seven years of your monthly mortgage payments, majority of such payments usually go towards interest payments rather than towards principal payments.
Lion Mortgage offers a variety of available fixed rate mortgage terms including 10-year FRM, 15-year FRM (a common choice for refinance), 20-year FRM and 30-year FRM. If you are looking to get a New York home loan or refinance your current mortgage, we can help you get the best home mortgage loan option for your individual financial needs. Contact us today or apply online and we will be honored to be your choice of New York Mortgage Company today.
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