texas mortgage rates
Your Texas Mortgage Rates
Lending Source

10721 Jackson Lane, Frisco TX 75035

Phone: (214) 387-0683       Fax: (214) 387-0185       Email Us

 
 
 

20 Year Fixed Rate Mortgage

20 Year fixed rate mortgages are Fannie Mae 's flagship products, since many consumers prefer the stability of both a fixed interest rate and a fixed payment over the life of the loan.

 

With a 20-year fixed-rate mortgage, you can build up equity in your home more quickly than with a traditional 30-year mortgage and save interest over the life of your loan. As with all fixed-rate mortgages, the interest on your loan never changes, bringing you peace of mind that your principal and interest payments will remain level over time. However, higher monthly mortgage payments may make the 20-year fixed-rate mortgage more difficult to qualify for compared to the 30-year fixed-rate mortgage.

Key Features
  • You pay less interest over the life of your loan, compared to a 30-year fixed-rate mortgage. For example, on a $100,000 loan at 8.25 percent interest, the 20-year fixed-rate mortgage can save you over $65,000 in interest payments when compared to a 30-year mortgage.
  • Interest rate payments in the early years of the mortgage are comparable to a 30-year fixed-rate mortgage, allowing for a sizable mortgage interest tax deduction.
  • Your monthly payments are less than for a 15-year mortgage, allowing you a greater chance to qualify for this type of mortgage.

 

Consumer Benefits

  • Lock in a long-term interest rate with a stable, predictable monthly payment
  • Borrowers who want to build equity faster should select the shortest loan term they can afford
Shorter loan term carries a lower interest rate, helping borrowers to save in interest cost over the life of the loan

 

 

2006 Conforming Loan Limits

Number of
Units
Maximum original
principal balance
Alaska, Guam, Hawaii,
and U.S. Virgin Islands only
1 $417,000 $625,500
2 $533,850 $800,775
3 $645,300 $967,950
4 $801,950 $1,202,925

 

 

  Correcting Your Credit  
  Credit Advice  
Prepare Your Credit Before Buying A Home
Preparing Your Credit For Life's Changing Needs
Victim Of Identity Theft
Buying Vs. Renting
What If My Application Gets Rejected?
 
Equal Credit Opportunity Act
What Is A Mortgage
Turn Your ARM into a Fixed Rate
Adjustable Rate Mortgages
Down Payment
  Mortgage Programs  
  Home Equity Loans  
How Interest Only Mortgages Work
Balloon Payments  
Other Fees And Closing Costs
High LTV Loans
Bad Credit Mortgage
 
The Good And Bad Aspects
Refinancing Home Equity Loans
Interest Only Mortgages
Necessary Paperwork
Pre-Qualification Vs. Pre-Approval
  Types of Loans  
  Miscellaneous  
Adjustable Vs. Fixed Mortgages
Other Types Of Mortgage Loans
First Time Buyer Programs
Private Mortgage Insurance - PMI
Home Mortgage Refinancing
 
Mortgage Scams
Should you get an interest only mortgage?
Independent Mortgage Advice
Locking your Interest Rate
Mortgage Closing Costs

Mortgage Glossary4


 

Mortgage Rates Apply Online Credit Basics

Home Equity Basics

Mortgage Basics

Contact Us

About Us

Mortgage News  Helpful Articles

Mortgage Calcultator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         

OPEN MORTGAGE
10721 Jackson Lane, Frisco TX 75035

PHONE:
214-387-0683EMAIL: info@brown-lending.com

 

"Your reliable Dallas Mortgage Broker and specialist on Texas Mortgage Rates and Home Mortgage Loans."

 

 

Fixed Rate Mortgage