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Overview:
Like the 30 Year Fixed Rate Mortgage, this program guarantees that your payment
never changes over the life of your loan. Since you are committing to pay off your loan
over a shorter period, however, your monthly payment will be significantly higher than for
the previous program.
Is It For You?
This loan is right for you if you are interested in owning your home without debt
and therefore wish to pay off your loan more quickly. This loan may also be appropriate if
you expect to stay in this home in your retirement and you will be retiring in fewer than
30 years, and do not wish to start retirement with any debt. After 5 years you will
have paid off approximately 14% of the principal balance.
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