Fixed Rate Mortgage

For over 25 years, J.G. Wentworth has been assisting consumers like you in the journey to homeownership. Our knowledgeable loan specialists are able to provide borrowers with the information necessary to make an informed decision. When it’s time to start looking at mortgages, a crucial question is posed: fixed-rate or adjustable-rate mortgage? J.G. Wentworth is ready to help you make the decision.

What is a Fixed Rate Mortgage?

A fixed-rate mortgage is a mortgage that has a definitive interest rate for the entire life of the loan. Since the interest rate remains the same throughout the term, the mortgage payments, made up of principal and interest, don’t change. This is different from adjustable-rate mortgages, which have interest rates that may rise or fall after a set initial period. The interest rates in adjustable-rate mortgages fluctuate based on market conditions.

The fixed-rate mortgage is the most common type of home loan due to its security and predictability. These key benefits typically attract homeowners who have growing families and are looking to settle into a community for years to come. Fixed-rate mortgages are also straightforward and reliable. If interest rates increase, there is nothing you have to worry about because your loan’s interest rate remains fixed. If interest rates decrease, you can take advantage of them by refinancing. Learn more about your fixed-rate mortgage options by contacting one of our loan specialists.

Finding the Right Term

So, you have decided that a fixed-rate mortgage is an option for you. Next, it’s time to decide what term will best fit your lifestyle. The term is the number of years you have to pay your mortgage in full. J.G. Wentworth offers homebuyers the option of choosing between 15-year, 20-year, and 30-year mortgage terms.

15-year term

For homeowners looking to pay off their mortgage faster, the 15-year term could be an option to consider. Fixed-rate mortgages with 15-year terms tend to carry larger monthly payments, but they also have lower interest rates. Since payments are made over a shorter period of time, you will end up paying less interest over the life of a loan. You will also build equity in your house quicker. This is also a popular option for homeowners looking to refinance that don’t want to extend their payments for another 30 years.

20-year term

Most companies only offer 15-year or 30-year mortgages from which to choose. If 30 years seems too long, but 15 years seems like not enough time, then it’s worth looking into a 20-year term. J.G. Wentworth stands out from the crowd by offering 20-year mortgages. These loans are usually comprised of interest rates that are lower than a 30-year term. However, the payments are typically higher because you are paying the loan in full within a shorter time frame. By paying off your mortgage in less time, you have the opportunity to use the money you would be putting into your mortgage monthly for other things such as savings, education, or a dream vacation.

30-year term

A 30-year mortgage is a popular option for first-time homebuyers and homeowners who plan to remain in their home for a long time. One reason is that compared to shorter-term mortgages, 30-year fixed rate mortgages usually have lower monthly payments. You may end up paying more interest over the entirety of your loan, but the smaller monthly payments allow you to save money for instances such as retirement, your child’s education, or anything else.

Before choosing your term, it’s essential to evaluate your finances to make sure you can sustain the monthly payments. By speaking with one of our loan specialists, you can receive information to help you choose your home loan term. 

Get a Quote Today

With so many mortgage options to choose from, you’ll want to work with a lender who can help you navigate them. Our knowledgeable loan specialists are available to answer any of your questions. By contacting J.G. Wentworth today, we can help you evaluate your lifestyle and finances to choose a mortgage rate and loan that will fit you best. You can also compare term options and estimate your monthly payment with our online mortgage loan calculator. Contact J.G. Wentworth’s loan specialists today to get a fixed-rate mortgage quote.

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How do I get started?

J.G. Wentworth offers a wide variety of loan programs with low rates and no points and no hidden fees.  To get started, you can call us or let us contact you by completing a short form.  You can also get a rate quote in seconds with no personal information required. We look forward to working with you.