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Fixed
Rate Mortgages
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Fixed
rate mortgages are the most common type of home mortgage loan where your
monthly payments for interest and principal never change. Your monthly
principal and interest payment, established at closing, remains the same
through the life of the loan. Property taxes and homeowners insurance may
increase, but generally your monthly payments will be very stable. You can
choose from 30 years, 20 years, 15 years and even 10 years fixed rater
mortgages. The 30 and 15 year terms are the most common. These loans are
structured to repay the loan at the end of the loan term.
To calculate how much you can afford using Oxford's loan tools
click here. Features of Fixed Rate Mortgages
During the early amortization period, a large percentage of the monthly payment is used for paying the interest. As the loan is paid down, more of the monthly payment is applied to the principal. A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount. Payments on 15-year loans are calculated over a period of 15 years and have a fixed interest rate and payment for the life of the loan. Payments are higher for this loan than the 30-year fixed rate loan, but builds up equity quicker. To calculate how much your payments will be use Oxford's mortgage calculator. |
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Contact
your Oxford mortgage consultants
about these and other special types of mortgages that fit your specific
financial situation.
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Copyright @2002 Oxford Wellington Co., Ltd
Oxford
Wellington
Co., Ltd