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CLIENT RESPONSES

A fixed-rate mortgage comes with an interest rate that won't change for the life of your loan. A "conventional" (conforming) mortgage is a loan that conforms to established guidelines for the size of the loan and your financial situation. Conventional mortgages often feature lower interest rates than jumbo loans, FHA loans or VA loans.

Monthly payments on a conventional fixed-rate mortgage remain the same for the life of the loan, making it an attractive option for borrowers who plan to stay in their home for several years. The alternative to the fixed-rate mortgage is the adjustable-rate mortgage(ARM), which features lower monthly payments during the first few years. While many prefer the security of a fixed-rate loan, an ARM may be a better option - especially if you know you'll be moving within the next several years.

The 30-year conventional fixed-rate mortgage has long been popular due to its fixed interest rate and lower monthly payments, however, since the interest payments are spread out over 30 years, you'll pay more interest over the life of the loan than you would on a shorter-term mortgage. With a shorter loan term and lower interest rate, a 15- or 20-year fixed-rate mortgage can help you pay off your home faster and build equity more quickly, although your monthly payments will be higher than with a 30-year loan. The 15- and 20-year fixed-rate mortgages are especially popular for refinancing.

LOAN ​PROCESS

What loan term is right for you?​


The standard loan terms available on a fixed rate mortgage are a 30, 25, 20, 15 & 10 years fixed rate mortgage and selecting the right loan term could be tricky as the selected loan term decides for you how much interest you would end up paying over the life of the loan also known as the fully amortized schedule.


Asking yourself the below mentioned questions would help immensely:


  • Do you plan to stay in the property for a long time? - If you plan to stay in the property for a long time and need the lowest budgeted monthly payment then the right choice for you is a 30 year fixed rate mortgage as it provides you with the lowest possible payment across all programs and the interest rate does not change over the life of the loan thus giving you the peace of mind you need.  


  • Do you want to pay off your mortgage faster? - If you plan to pay less towards the interest, need the consistency and peace of mind of a fixed rate of interest and if you plan to pay off your mortgage faster then a 10 or 15 years fixed rate mortgage is perfect for you. Make sure you do a thorough calculation of your budget, although a 10 or 15 years fixed rate mortgage offers the lowest possible interest rate the mortgage payments tend to be higher than a standard 30 years fixed rate mortgage.


  • Do you want to chose a mortgage based on your payment budget? - Choosing a loan term based on your payment budget is an ideal choice, a lot of family's now chose loan term options like a 20 or a 25 years fixed rate mortgage. The advantage of choosing loan terms other than a 15 or a 30 year fixed term is that you enjoy a lower interest rate than a 30 years fixed rate mortgage however you are not subjected to a higher payment like a 15 years fixed rate mortgage, call it an in between solution if you may.


  • Do you plan to stay for a long time but would prefer less payment and pay off the mortgage sooner? -  Its quite natural to want it all and frankly its possible. We all plan to pay off our mortgage sooner after all owning a free and clear property is indeed a dream come true however not all of us could afford a higher mortgage payment that the lower loan terms bring on table. Here's a perfect fix, all of the loan terms and programs now come without a prepayment penalty therefore you could chose a 30 years fixed rate mortgage with the lowest payment which helps your budget and apply additional payments in parts or lump sum directly towards your principle balance. What this does is that the additional payments you make directly apply towards your principle and in turn it lowers your loan term therefore giving you the flexibility to enjoy a lower payment and payoff your mortgage sooner. 


If you do not plan to stay in the property for a long time either because of frequent re-locations from your job or anticipating an empty nest after a few years which could mean you need to size down or if you see yourself expanding your family and would need a bigger house in the coming years then its also advisable to review an Adjustable Rate Mortgage (ARM), the ARM loan offers a fixed rate for the initial 3 to 10 years before converting to an adjustable mode thus giving you the lowest rate and payment for the time you stay in the property and until you decide to move to a different house. ARM loans do offer the lowest rates as compared to a fixed rate mortgage.  

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Thank you so much for your help in refinancing my mortgage loans.  You were wonderful in being patient with me and going into detail to explain anything I had any questions about.  I will be sure and recommend you for future friends. 


- Desiree Young, TX

FIXED RATE MORTGAGE

This section will give you a good Idea of the mortgage process and the time frame involved.  The knowledge will help you feel more comfortable as you understand and go through the steps.

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