Types of Mortgage Loans with a New Orleans Area Realtor, Part 1

Fixed Rate Mortgage Loans. A fixed-rate loan is one of the most common types of mortgage loans that are available for durations such as 10,15,20, or 30 years. A fixed-rate mortgage offers a consistent interest rate for the entire life of the loan, which means that your total monthly payment of principal and interest will remain the same over time. If you plan to stay for a long time in the home you’re buying, or want a consistent mortgage payment amount, a fixed-rate mortgage is usually the way to go. Keep in mind that Loans with longer terms usually have a lower monthly payment, but a higher overall repayment amount, because you’re paying interest on the amount borrowed over a longer period of time and Remember, mortgage loans aren’t one size fits all, reach out to talk to the GiGi Burk Group about your goals and the best plan for YOU.