Features & benefits
- This mortgage has a fixed interest rate for 20 years. The monthly payment is sufficient to pay back the entire loan in 20 years rather than 30. Interest savings is a result of quicker payoff and maybe even greater if the 20-year rate is lower than the 30-year rate.
- You have fixed-rate security for the entire loan term and a more rapid build-up of equity. There is also significant interest savings. This mortgage is helpful if you plan to stay in the house long term.
There is a higher monthly payment than a 30-year loan due to a shorter term. The rate may still be higher than the initial ARM rate.
Some borrowers can save money and pay off their mortgages sooner by making bi-weekly payments.
|Loan purpose||Loan amount||Maximum loan-to-value||Mortgage insurance required||Terms(years)|
|No Cash-Out Refinance||$0-$726,200||0.00%-80.00%||No||20|
|No Cash-Out Refinance||$0-$726,200||80.01%-95.00%||Yes||20|
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