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20 Year Mortgage Rates

No Guessing. Your Rate. Your Loan. Designed for You.

There's no one-size-fits-all mortgage. That's why we give you personalized options to meet your exact needs. From 15-year conventional loans to FHA programs, we have you covered. See today's rates tailored specifically to your needs.

20-Year Mortgage Rates

Buying a home is one of the biggest decisions a person can make, and how it's financed can have a major impact on your life in the short-and-long-term. Certainly, paying off your home loan in 20 years can have its advantages, but is it your best option? It’s important that your home loan option should reflect your long-term financial goals. Let’s review the ins and outs of a 20-year mortgage, whom it’s best suited for, and the options available to borrowers to help decide if a 20-year loan is right for you.

 

20-Year Mortgage Rates Pros & Cons

Pros Cons
  • Shorter Term & Faster Payoff Than Traditional 30 Year Loan.
  • Lower Interest Rate Than 30 Year Loan.
  • Lower Total Cost Of Borrowing.
  • Lender & Origination Fees Won’t Vary From Other Loan Options.
  • Higher Monthly Payment Than 30 Year Loan.
  • Debt to Income Ratio Must Not Exceed 43 Percent.
  • Committed To Higher Monthly Payments.

 

You Should Consider a 20-Year Loan If You…

  • Want To Pay Down Principal Quickly And Build Home Equity Faster.
  • Want To Refinance At A Lower Rate and Shorter Term Than A 30 Year Mortgage.
  • Find 30 Year Loan Payments Too Low and 15 Year Mortgage Loan Payments Too High.
  • Have (At Least) Six Months Of Emergency Savings.
  • Want To Own Your Home In Under 30-Years.

 

20-Year Mortgage Rates Options & Loan Types

There is no such thing as a “one-size-fits-all” mortgage - that’s why you have options! Let’s discuss what 20-year mortgage rate options and loan types are available to you that best fit your financial goals.


Rate Options

Fixed-Rate Loan
A 20-year fixed-rate mortgage is a less common home loan choice but comes with its advantages. A 20-year fixed-rate loan guarantees your interest rate won’t fluctuate for the entire life of the loan. For borrowers who want a consistent, unchanging mortgage payment this is a great option.


Adjustable (Variable) Rate Loan
20-year adjustable, or, variable-rate mortgages are mortgages with interest rates that change periodically throughout the life of the loan. These interest fluctuations can be seen in yearly or monthly intervals. While your monthly payments may increase they can also potentially decrease, potentially saving you money (especially if you plan to pay off the loan within a few years). Adjustable-rate mortgages can be a great option for borrowers with a flexible monthly budget.


Loan Types

Conventional Loan
Twenty-year conventional loans are private loans not backed by FHA or VA and often mirror the down payment and income requirements set out by Fannie Mae and Freddie Mac. Conventional loans are available as fixed or adjustable rates and typically only require a small down payment (as little as 3%), an attractive feature for buyers who may not have a large down payment available. Be aware that down payment requirements vary from lender to lender, as well as variations based on the borrower’s credit score and history.


FHA Loan
20-year FHA loans are insured by the Federal Housing Authority and are more lenient than other loans in their credit and down payment requirements. First-time homebuyers and borrowers with a less than stellar credit history may find that an FHA loan is a good fit.


VA Loan
20-year VA loans are reserved for active-duty and veteran military members and backed by the federal government. VA loans are easier to qualify for than regular loans, require no down payment or mortgage insurance. VA loans have exceptionally attractive terms that vary from lender to lender.


Jumbo Loan
A 20-year jumbo loan serves loan amounts totaling more than the loan limits set by Fannie Mae and Freddie Mac. Jumbo loans give borrowers the ability to finance a non-conforming loan.


Other Loan Options

20-year mortgage rates aren’t the best fit for everyone. That’s why Wyndham Capital offers loan terms to fit every financial story. Whether you’re purchasing your first home, want to save as much as possible or you’re not sure what type of mortgage is right for you, we can help. Contact Wyndham Capital Mortgage today and learn the advantages a modern mortgage has to offer.