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What is a 20-year Fixed Mortgage?


If you are not sure that you can afford the payments of a 15-year fixed mortgage or you do not want to stretch your loan out over a 30-year period, then a 20-year mortgage program might be a good fit.

20-year home loan programs have become increasingly more popular in recent years because they provide a comfortable medium between long-term and short-term fixed rate products. Typically, the rates for these loans fall somewhere between a 15-year and 30-year fixed mortgage.

The Benefits:

  • A fixed monthly payment that remains the same throughout the term of the loan.
  • Simple and easy to understand.
  • Fixed rate protects against fluctuations in rate due to market conditions.
  • Lets you build home equity through increasing monthly principal payments.
  • You pay less interest than on a 30-year mortgage due to the shorter duration of the loan.
  • You retain savings over the life of the loan due to a lower interest rate and loan term.



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