Fixed Rate Home Loans
Fixed Rate Home Loans In Madison, WI
Fixed rate home loans from our Madison, Wisconsin office are a great option for people planning to stay in their homes for more than seven or eight years, as the interest rate remains the same for the entire term of the loan. Fixed rate home loans also offer the flexibility of choosing a 10, 15, 20, 25 or 30-year term (depending on loan type). This way borrowers can choose to extend the life of their loan for smaller monthly payments, or pay off their fixed rate mortgage more aggressively if they can afford a higher monthly payment.
Fixed rate home loans are also known as a conventional or conforming mortgage, which means it conforms to the established guidelines for the size of the loan, and your specific financial situation. Our Madison, Wisconsin fixed rate home loans may even offer a lower interest rate than some other popular options, like Veteran’s loans, FHA home loans, or even Jumbo Mortgages.
Most borrowers opt for a 15-year fixed rate loan or a 30-year fixed rate mortgage. You will enjoy a more competitive interest rate on a 15-year fixed rate and get your home paid off quicker, while 30-year Madison, Wisconsin fixed rate home loans offer the option to spread your payments out over a longer length of time, making the dream of owning a home more accessible for first time buyers or those wanting lower and more affordable monthly home mortgage payments.
The alternative to a fixed rate mortgage is adjustable-rate mortgages (ARMs), which feature lower monthly payments, but only during the first few years. It may be a good option for people who know they’ll be moving in the next several years. However, many prefer the security of fixed rate home loans.
Highlights of Fixed Rate Home Loans
- Flexibility in term length
- Competitive interest rates
- Consistent monthly payments and interest rates
- Protection from rising interest rates
- Mortgage tax interest deduction
- Several term length options
- No loan cost option
Eligibility for Fixed Rate Home Loans
- Minimum 3% down (below 20% down requires Private Mortgage Insurance)
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