Conventional Mortgages in Phoenix
Is a Conventional Mortgage Right for You?
A conventional fixed rate mortgage has an interest rate that never changes during the entire term of the loan. While most loan companies only offer terms of 30 or 15 years, we at the Michael Lara Group, offer a wide variety of fixed rate mortgage options. When comparing a 30 year fixed rate mortgage to a 15 year fixed rate mortgage, a 30 year fixed rate mortgage has a higher interest rate than most other programs, but features lower monthly payments.
A 15 year fixed rate mortgage can be paid off twice as fast, and the amount of interest paid over the span of the loan is much lower than a 30 year fixed rate mortgage. As a result, however, monthly payments for a 15 year fixed rate mortgage may be slightly higher. Our team can help determine which type of fixed rate mortgage is best for you and your finances prior to you signing any paperwork.
Benefits of conventional fixed rate mortgages can include:
- Fixed payments
- There are no associated mortgage indexes, margins, or caps
- A locked interest rate that cannot adjust as the market fluctuates
If you are searching for a low-risk mortgage program that has a set monthly payment for the entirety of your loan, a fixed rate mortgage may be ideal for you. To speak with one of our Chandler Home Loan Specialists, please call our office at (480) 246-3719. Loan consultations are available!