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10 YEAR FIXED
RATE MORTGAGE |
With this mortgage you
could save tens of thousands if not hundreds of thousands,
in interest payments just by qualifying for a ten year fixed
rate mortgage. How? Because instead of paying thirty years
worth of interest payments, of which the first 10-20 years
is nearly all interest, with very little actually paid to
the principal, you would only pay ten years worth, thus saving
you money on the interest. |
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Of course the payment will
be much larger than it would be with a traditional 30 year
loan. Instead of slowly paying the principal off steadily
over thirty years, even with the huge interest upfront, you
will be condensing that same balance into a third of the time. |
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Also because 10 year programs
typically offers better, or more comparative, interest rates
to a 30 year program you will not only pay less interest
over time, but less interest based on rate. You are also
essentially putting equity back into your home at a much
faster rate by paying down the principal in one third the
time.
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With the ten year mortgage
you will need to have a higher amount of disposable income
since you will be paying your mortgage off in ten, instead
of 20, 30, or even 40 years. However, stated income and stated
asset applications are allowed by certain lenders for the
ten year program. If you would like to have a fixed rate mortgage
for less than 30 years, but feel 10 years might be too high
of a payment, check out these fixed rate loans:
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