Who Should Consider a 10-year Fixed Rate Mortgage?
A 10-year fixed mortgage can be used to purchase a home or refinance an existing home loan. Homeowners should consider this type of loan if they:
- Have a steady, comfortable, and reliable income, and want to pay off their home quickly
- Are close to the end of the lower-rate initial fixed period of an adjustable rate-mortgage and feel confident about paying off the remainder of their home debt in ten years
- Owe relatively little on their current loan and would like a cash-out refinance to tap into their home equity, for purposes like paying off high-interest debt or making significant home improvements
The downside of shorter term loans for new home buyers is that they may have to choose between higher monthly payments or a smaller loan. Because they're only spread out over 10 years, the monthly payments on a 10-year fixed mortgage are higher than for a 20- or 30-year mortgage for the same amount. Home buyers should consider whether they want to sacrifice some flexibility in their budget or borrow less.
Getting a 10 Year Fixed Mortgage with Bethpage
A 10-year fixed rate mortgage offers a range of options and benefits for homebuyers and those looking to refinance their homes. Weigh your options and think about all of your goals. Our mortgage calculator can help you do the math and see if this type of mortgage might work for your financial picture.
Our Bethpage mortgage representatives are happy to answer any questions and help you with all the facts and advice you need to make this important decision. Just enter a few pieces of information to get the conversation started. Or, if you’re ready to start your application, apply here!