Fixed Rate Mortgage

Fixed Rate Mortgage:
 
Stonebriar Mortgage is a Dallas based Mortgage Company located in Lakewood.  We offer Low Rates and some Zero Cost Financing Options on our Fixed Rate Loans.

With a Fixed Rate Mortgage, the Interest Rate does not change for the term of the loan; the monthly payment is always the same. typically, the shorter the loan period, the more attractive the Interest Rate will be.  
 

Payments on Fixed-Rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal.
 
A 30 Year Fixed Rate Mortgage is the most popular type of loan when borrowers are able to lock into a low rate.  Dallas based Stonebriar Mortgage offers a 10 Year Fixed Rate Mortgage, 20 Year Fixed Rate Mortgage and a 30 Year Fixed Rate Mortgage all at very low Interest Rates and options for Zero Closing Cost Loans
 
Benefits of a 30 Year Fixed Rate Mortgage
·         Lower monthly payments than a 15 year fixed rate mortgage
·         Interest rate does not go up
·         Payment does not go up, it stays the same for 30 years
 
Drawbacks:
·         Higher interest rate than a 15 year fixed rate mortgage
·         Interest rate stays the same even if interest rates go down
 
Benefits of a 15 Year Fixed Rate Mortgage
·         Lower interest rate
·         Build equity faster
·         If interest rates go up, yours is fixed
 
Drawbacks:
·         Higher monthly payment stays the same if interest rates go down
·         Interest rate stays the same even if interest rates go down