The most common type of first mortgage financing program is a fixed rate mortgage financing loan, where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.

    Fixed rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also "biweekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.)

    Fixed rate fully amortizing mortgage financing loans have two distinct features. First, the interest rate remains fixed for the life of the financing. Secondly, the payments remain level for the life of the loan and are structured to repay the mortgage at the end of the financing term. The most common fixed rate mortgages are 15 year and 30 year financing loans.

    During the early amortization period, a large percentage of the monthly payment is used for paying the financing interest. As the loan is paid down, more of the monthly payment is applied to mortgage principal. A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original mortgage loan amount.

    To get started now and get approved for mortgage financing please click here and fill out our mortgage financing application form. This will take only a minute and our certified mortgage finanign specialist will contact you to discuss options available to you.

Please click here to continue.