Georgia fixed rate mortgages usually fall into two types: 15-year and 30-year mortgages. The 30 year fixed rate mortgage helps keep payments low and steady by paying down the loan over an extended time period of 30 years. This mortgage translates into monthly payments that cover principal, or the actual loan, plus interest. Since the interest rate is fixed over the mortgages time period, payments never change. Borrowers with good credit have the option to refinance over the life of the loan, securing a lower interest rate that decreases monthly payments. Best 30 Years Mortgage Rate
and No Closing Costs Loan
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A fixed rate mortgage, like the name implies, maintains the same interest rate throughout the entire life of the loan. The 30-year fixed-rate mortgage is particularly good for the homebuyer who wishes to know how much the house payment will be every month; the payment is lower than the 15 year fixed mortage and 20 year fixed rate mortgage options and never varies from month to month. Borrowers pay down the actual loan (principal) and interest, building equity over time. Over time, a refinance mortgage allows homeowners to replace the existing loan with a lower-interest-rate loan, and access cash from available home equity.