|
|
|
|
|
|
||
|
|
||
|
|
||
|
|
10 Year Fixed Conforming Rates |
|
|
||
|
The Ten Year Fixed Rate Mortgage The loan amortizes over one hundred twenty months (120 months). A conventional long-term, fixed-rate, level-payment home loan that meets the loan limit and property and borrower guidelines of FNMA and FHLMC up to $417,000. The ten year loan pays your mortgage down fast. It may make financial sense to pay points on this loan. The loan is not assumable and no prepayment penalty.
Very few consider the ten year fully amortizing loan because the payment is so high. (Mostly principal!) It is an ideal program if your income has increased dramatically since you purchased your home and you plan on retiring and staying in your current house, or you currently pay extra towards principal and want to convert your actions into a scheduled payoff plan.
You may consider the ten year amortizing loan even for just a few short years, then switch back to a longer term if you know your income is scheduled to drop in a few years, or if one spouse wants to stop working. The reason is that during your high income period you aggressively pay down the balance and then just prior to the income drop you switch back to a longer term so that your monthly payment is recalculated on the new much lower balance and is therefore much more affordable when you need it most.
The 10 year fully amortized, is the fastest scheduled payoff in the market.
California properties only. |
||
|
Call For Your
Free Rate Quote • Apply by phone • Purchase and Refinance Home Loans anywhere
in California |
||
