Finding a Fixed-rate Mortgage loan

The interest rate on a fixed rate mortgage stays the same throughout the life of the loan.

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30-Year Fixed Rate Mortgage

The most affordable conventional loan. Even though it has higher interest rates.

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20-Year Fixed Mortgage Rate

A 20-year-fixed is likely good for someone who is refinancing for a lower rate.

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15-Year Fixed Rate Mortgage

A 15-year fixed rate mortgage is very attractive because it has lower interest rates.

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5-Year Fixed Rate Mortgage

maintains the same interest rate for the first five years. It then turns into an adjustable-rate.

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Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada
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Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada

A 5-year fixed rate mortgage maintains the same interest rate for the first five years. It then turns into an adjustable-rate mortgage. The advantage is that the initial interest rate is lower than on a 30-year mortgage. The disadvantage is what happens after five years. Your interest rate could increase rapidly, depending on what current rates. Therefore, this is a good loan if you're sure you will sell within five years. 

The biggest advantage of a 10-year mortgage is, quite simply, savings. Paying off a mortgage in 10 years—as opposed to 15, 20 or 30 years—allows homeowners to minimize the amount of interest they pay while shedding mortgage debt faster.

Another advantage could be a better rate. “You probably will get a better rate on a 10-year mortgage versus a 30-year fixed mortgage,” Moffitt says. “You might get a better 10-year mortgage rate than on a 20-year fixed, and you might or might not get a better rate than a 15-year fixed.” He explains that since 10-year mortgage interest rates tend to be so close slightly longer terms like the 15, many of his clients choose the longer term and then pay the loan off faster if they wish to be out of debt more quickly.

A shorter loan term can be particularly attractive to people approaching retirement so they can finish paying off their loans before transitioning to a fixed income.

A 15-year fixed rate mortgage is very attractive because it has lower interest rates. It also allows you to pay off the principal faster than with a conventional 30-year loan. That means you build up equity faster. On the other hand, 15-year mortgages have higher payments. For that reason, there's a slightly higher risk of default if your income drops.

While much depends on the individual mortgage terms, in general, 20-year mortgages have a “shorter term than the traditional 30-year mortgage—which means a faster payoff—and a lower rate than the 30-year option,” Reiling says. He adds that it’s important to carefully consider your household income and whether the monthly payments—including any additional expenses like HOA dues, homeowner’s insurance, property taxes and fees—fit comfortably into your budget.

And, though you’ll pay off the mortgage at a faster clip than a longer term, the payments will be more manageable than an even shorter mortgage. A 10-year term will require a much higher payment than a 20-year mortgage.

A 30-year mortgage is the most affordable conventional loan. Even though it has higher interest rates, the monthly payment is lower because the loan repayment is spread out over 30 years. That is a good loan if you plan to stay in your home for a long time. It's also good for lower-income families because it allows them to buy more house with a lower monthly cost.

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