15 Year Fixed

With a 15 Year Fixed Rate Home Loan, you could receive a reduced interest rate, which would save you money over the course of the loan. You are also able to completely own your house in a shorter period of time. A 15 Year loan is not for everyone, but Priority Financial Network will help you understand the loan process and assist you in getting you the loan you need.

At Priority Financial Network, you will never be pressured to put yourself into a payment plan that isn’t financially sufficient for you or inconvenient in any way. We only work with what you are completely comfortable with and what makes sense given the type of loan. With assistance of a Total Term Loan and monthly comparison, you can see how over the long-term having a lower fixed rate loan may be the best move for you. Whatever you decide to go with, Priority Financial Network will make the process professional and smooth so that you can just focus on the excitement of buying your new house.

Example: Purchase price of $300,000, with a 25% down-payment of $75,000 for a loan amount of $225,000 at 2.125% fixed rate for 15 years, APR of 2.433%, the monthly payments would be $1,460.88 to pay the loan off in full over the 15-year term. No pre-payment fee and no balloon payment. The interest rate will not increase over the term of the loan!

30 Year Fixed

Within a traditional 30-year fixed rate mortgage, you have a constant interest rate as well as a fixed monthly payment. This monthly payment will not change. 30 Year Loans are typically recommended for those that plan to stay in their home for seven years or longer. If you plan to relocate or sell your house within seven years, an Adjustable-Rate Mortgage is recommended as an alternative.

It may be challenging to qualify for fixed-rate loans compared to an adjustable-rate loan. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages, which means this may be a better benefit in the long run.

Example: Purchase price of $710,000, with a 20% down-payment of $142,000 for a loan amount of $568,000 at 4.50% fixed rate for 30 years, APR of 4.545%, the monthly payments would be $2,877.97 to pay the loan off in full over the 30-year term. No pre-payment fee and no balloon payment. The interest rate will not increase over the term of the loan!