Office: 720-465-7040

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  • HOME
  • BUYING HOME
    • Buying Home
    • Mortgage Calculator
    • Standard Loan Products
    • Specialty Loan Products
  • FINANCE
    • Home Refinancing
    • Professionals
  • EXTRAS
    • Fairway Now Page
    • Homebot
    • Moving Guide
    • Community
  • WEEKEND EVENTS
  • FAIRWAY TEAM
    • Fairway Speed Team
    • Superhero Team Member
    • We’re Hiring
    • Hickmon Reviews
    • Realtor Partners

Myth: A 30 year fixed mortgage is the best option

15 Or 30 Year Fixed Rate Mortgage What S Better

There could be some truth to this myth, if you plan on living in the house for a long time. If you plan to only live in the house for around three to five years, it may be better to take out a loan with a fixed rate for that amount of time. Since the mortgage meltdown occurred and the real estate market saw a large number of foreclosures, many blamed on adjustable rate mortgages, both consumers and banks have shied away from anything risky in nature, including adjustable rate mortgages. That being said, you might find that the rate you are able to lock in on a 30yr fixed mortgage is actually the same or even a bit lower than that on an adjustable rate mortgage, making the choice an easy one. The banks don’t want to see a repeat of what happened about a decade ago and they are pricing risk into the rates. Right now, we are also seeing shorter term fixed rate mortgages become popular. Many people don’t want to be paying a mortgage for the next 30yrs and would prefer to lock themselves into a low, 15 or 20yr fixed rate. Especially those looking to refinance who do not want to go backwards after having made payments on their current mortgage for 10yrs. So, we refinance them into a lower rate and shorter term allowing them to get out from under the loan sooner while not doubling their mortgage payment. If the above is not possible, not to worry, there are no prepayment penalties on our loans, therefore, you can always sign up for a 30yr loan and pay it off sooner. Please give me a call if I can help you evaluate which option would be best for you.

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Other Posts

  • Loan Limits as of 1/1/2020:
  • Mortgage Myth: The VA funding fee is different depending on your military type…Not Anymore!
  • Myth: A 30 year fixed mortgage is the best option
  • Myth: APR and Interest Rate are the same thing.
  • Mortgage Myth: The Mortgage Process is Difficult
  • Myth: Lenders will sell your personal information
  • Mortgage Myth: Calculating payments
  • Myth: Closing costs are the same as the Closing Fee
  • Myth: Adding someone to title allows them to automatically take over ownership of the property if something happens to the other person(s) on title.
  • Myth: Manufactured and Modular Homes are the same
  • Mortgage Myth: Sticky subject….divorce
  • Mortgage Myth: If you co-sign for a friend or a family members car, credit card, loan, etc., it will NOT affect your ability to qualify for a home loan in the future.
  • Myth: The down payment is your only upfront cost on a purchase mortgage.
  • Red tape and lack of awareness keeps many Veterans from seeking a VA loan
  • Mortgage Myth: Putting a large amount of over $10,000 towards your mortgage after closing will reduce the payment automatically

Contact Us:

Ashley Hickmon

Branch Manager/ Loan Officer

LMB#100016932

NMLS#250615


1873 S Bellaire St. Ste 850

Denver CO 80222

Direct Cell: 303-669-8454

Office: 720-465-7040

Fax: 303-265-9835

NMLS Consumer Access

Servicing:

1-800-201-7544
Servicing@fairwaymc.com
Hours of Operation:
Monday - Friday, 8:30 am - 5:30pm CST
Saturday, 8:30am - 12:30pm CST

NMLS #2289

Ashley Hickmon-
Licensed NV Mortgage Lender
469-209-7515
720-465-7040

Complaints may be directed to:

877-699-0353

customerservice@fairwaymc.com

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Fairway Independent Mortgage Corporation NMLS#2289

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Madison, WI 53718 | Toll Free: 866-912-4800 | Fax: 608-837-4723 | Email: Servicing@fairwaymc.com

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