McMullen Grroup fixed-rate loans have an interest rate that will not change over the life of the loan. One of the most common types of home mortgages available, you can choose a conventional loan, or a government-backed loan like the FHA, VA and USDA mortgage programs. You can also use them to buy a new home, or to refinance your current home.
Monthly mortgage payments includes a portion that is applied toward both principle and interest.^ Principle goes directly to pay off the loan, increasing the equity you have in your home. Interest is the cost of borrowing the money. As a general rule, at the beginning of a fixed-rate loan, a higher percentage of each monthly payment is applied toward interest, not principle. Over the course of the term, this will even out and reverse as a larger percentage of each payment goes toward principle. This is important to remember when deciding which fixed-rate mortgage will work best for you.
You have so many options when it comes to fixed-rate loans at McMullen Group. Whether you want to buy a new home or refinance contact a PrimeLending home loan expert.
*PrimeLending is not authorized to give tax advice. Please consult your tax adviser for tax advice for your specific situation.
**Income and purchase limits may apply. Please contact your PrimeLending loan officer for more details.
***Additional conditions may apply. Please contact your PrimeLending loan officer for more details.
^Monthly payments for mortgages with an escrow account also applies payment to tax and insurance.