10 Year Fixed Mortgage Rates
If
you are looking for the security of a fixed rate mortgage
and are planning on paying off your loan quickly,
then a 10 year mortgage might be the right program
for you. 10 Year fixed rate loans tend to be the lowest
of all fixed rate products (you
can check current 10 year rates here). You may
also save a tremendous amount of interest over the
life of the loan due to the shortened duration of
the mortgage and rapid pay down of principal. If you
can afford the payments, then we say ''go for it''.
Let's take a look at some of the numbers:
Sample loan comparison between a 15 year fixed
and a 10 year fixed rate loan:
For Example:
15 Year Fixed
$100,000 Loan Amount
Note Rate: 5.50%
Monthly Principal & Interest Payment: $817.08
Total Interest Paid Over the Life of the Loan: $47,075.02
10 Year Fixed
$100,000 Loan Amount
Note Rate: 5.375%
Monthly Principal & Interest Payment: $1,079.33
Total Interest Paid Over the Life of the Loan: $29,519.16
Total Interest Saved with ten year mortgage: $17,555.68
As you can see, you could save a considerable amount
of money by simply shortening the length of the loan
five years. Note this is just a rough comparison and
only takes into about the note rate. Be sure to review
APR when considering a provider.
You can use the following rate table to research
ten year mortgage pricing from multiple mortgage lenders,
brokers, and banks serving your state. You'll find
10 yr pricing information by selecting the related
program under the product selection tool in the survey.
You can find additional information on the pros and
cons of ten year financing under the rate table.
Request rate and program information (2 options):
-
Use ForTheBestRate.com to call the various lenders
and brokers listed in the survey.
-
Research current ten year pricing by clicking
over to the lenders' and brokers' web sites.
As an Alternative to a Line of Credit
People also may want to consider doing a cash-out,
10 year home loan refinance rather than taking out
an adjustable HELOC or a fixed rate standalone line
of credit. If you owe very little on your current
loan or have paid off your house in full, then it
may pay to consider the benefits of a ten year mortgage.
First of all, the ten year fixed mortgage will likely
carry a lower rate than the adjustable or fixed line
of credit. Second, you get to feel secure knowing
that your rate will be locked in place for ten solid
years. You can contact a mortgage company listed on
ForTheBestRate.com by dialing the numbers listed in
the survey at the top of this page.
Other fixed rate products:
