Learn How to Pay Off Your Home in 15 Years

Trident Mortgage of Bryn Mawr would like to explain to you exactly what a 15 year fixed rate mortgage is and how it can help you Pay for you home.  A fixed rate mortgage is one on which the interest rate is fixed and set for the duration of the loan. In other words, the interest rate remains the same during the entire term of the mortgage or for a stipulated length of time. Fixed rate mortgages are the most popular ones and almost 75% of all home mortgages are fixed interest rate mortgages.

By virtue of the fixed mortgage rate, you are secure in the knowledge that the interest rate is going to remain unchanged for the duration of the fixed rate mortgage. For example, the lender offers a 15 year fixed loan to the buyer of a home. He charges the purchaser 6% interest that is fixed and will not change for the entire term of the loan. Whether the market rate rises to 7% or decreases to 5%, the homebuyer will continue to pay the fixed 6% interest rate. Thus a Fixed-Rate Mortgage applies the same interest rate toward monthly loan payments for the term of the loan.

Barbara Norwitz

Two Town Place
Suite 150
Bryn Mawr, PA 19010

Phone:  610-520-3705

Fax:      610-520-9011

 

 

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