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The most common type of home loans offered by mortgage companies are fixed rate mortgages. Usual loan term for these type of loans are either 15 or 30 years. Mortgage interest rates are established at the time the mortgage is acquired (locking-in), and remain the same for the entire duration of the loan.

30-Year Fixed Rate Mortgage Loan
Thirty year home purchase loans are the industry standard. Payments are distributed over so many years, resulting in monthly payments that are significantly lower than payments for a short-term loan. 

When utilizing a 30-year fixed mortgage loan, you will wind up paying much more in interest compared to a loan that is shorter in term. But, mortgage interest rates for fixed loans are 100% tax deductible!

15-Year Fixed Rate Mortgage Loan
The popularity of 15-year mortgages is on the rise. These loans will allow you to save money in interest compared to a 30-year loan, but will mean your monthly payments are going to be higher. Your tax deduction is also going to be smaller since you are paying less interest.

Interest rates associated with a 15-year mortgage are usually 1/4 - 1/2% lower than a 30-year mortgage. Typically, the shorter the loan term, the lower the interest rate is going to be. The main benefit of a 15-year loan is that money you save in interest during the loan.

Mortgage Calculator
To determine what you can expect to pay for your monthly mortgage, try our mortgage payment calculator.

An example...
Suppose you have a $100,000 mortgage. The difference in interest you will end up paying with a 15 and 30-year loans respectively is detailed in the table below. 

Loan term Interest Rate Monthly Payment Total Interest
30 years 8.00% $699 $164,155
15 years 7.75% $941 $69,429

You should learn about the bridge loans we offer if you are an existing homeowner in the market for a new home. Bridge loans help minimize the difference between your first home loan and your new mortgage.





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