Fixed Rate Mortgages

Fixed Rate Mortgages are by far the most common among consumers. If a loan has a fixed rate, the principle and interest payments to the bank never change for the life of the loan. Fixed terms can be 10, 15, 20, 25, or 30 years. Payments themselves can be arranged differently from bank to bank. The most common types are p&i (principal and interest), pi&ti (principle, interest, taxes, and insurance – also known as escrowing), and bi-weekly (one half of the payment every two weeks causing an extra full payment to be made every year).

Keep in mind if you choose to escrow, your payment could change as time goes on. The reason for this is your taxes and insurance portion of the payment can change from year to year which causes your monthly mortgage payment to fluctuate. The major pros for escrowing are potentially lower interest rates and not having to worry about saving up for the times per year those payments are due like every March and September when taxes are due.

Infinity Financial Group offers several kinds of Fixed Rate Mortgages. Conventional, FHA, Second Mortgages, and USDA are examples. Each type of mortgage have different rates, qualifications, and parameters so contact a loan officer to get a quote today!