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Fixed Rate Mortgage Programs

For many years, fixed rate home loans have been the most popular mortgage programs on the market. They offer the security of knowing that your mortgage rate will not change over the life of the loan, meaning your monthly payments shouldn’t change (if you pay your insurance premiums and taxes as part of your mortgage payment these escrowed items could increase over time, but your principal and interest payment will remain constant).

American Bank has excellent fixed rate loans with low mortgage rates and borrower friendly terms. Learn more by calling (866) 519-2264.

Options For Fixed Rate Mortgages

Fixed rates mortgage loans come in a variety of different loan programs. There are several loan terms available including 30, 20, 15, and 10 years. If you want to keep payments low, a 30 year fixed rate loan may be the best fit for you. If you can afford the higher monthly cost of a shorter loan, like a 10 or 15 year mortgage, you will save a great deal in interest over the life of the loan and will be able to pay off your home loan sooner.

You may also qualify for an FHA mortgage or VA loan, both of which are available with fixed interest rates. These government-backed loans allow you to put little or no money down on a home, and may be easier to qualify for than conventional mortgages. Each mortgage program has its own set of eligibility requirements, and not everyone will qualify. Speak with your mortgage banker for details on these programs and ask them to help you find the best mortgage match for your needs.

Learn more about choosing between a fixed rate loan and an adjustable rate mortgage.

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