Fixed Rate Mortgages.
If you plan to stay in your home for the long term, a fixed payment that stays the same can offer stability and help you plan for your financial future.
Common types of fixed rate mortgages
The 15-year mortgage
You’ll save money on interest. Borrowing $100,000 for a home at a 4% interest rate will cost more in interest if spread over a longer term. A 15-year mortgage can drastically reduce the total interest paid. Additionally, 15-year mortgages often come with lower interest rates, allowing you to maximize your savings.
Your monthly payment will likely increase. Despite the lower interest rate, your monthly payment with a 15-year mortgage is usually higher because you’re paying off the principal more quickly. However, the reward is becoming mortgage-free in half the time—a significant achievement.
The 30-year mortgage
You’ll pay more in interest. A longer mortgage term means paying more in interest over time, which is how banks and lenders generate profit. By extending the repayment period to 15 or 30 years, lenders can collect more interest from you as the borrower.
Your monthly payment will likely be lower. Spreading your payments over a longer period, such as a 30-year mortgage, typically results in lower monthly payments. This can be a more practical option if you’re working with a tight budget.
How it Works
Have questions?
Give us a call! One of our mortgage specialists would
happily answer all your questions.
Monthly payments are determined by the interest rate, loan principal, and amortized interest over 30 years. With a Fixed-Rate Mortgage, your interest rate remains constant, providing protection against market rate increases!
Your payment will remain consistent for the entire duration of the loan.
Your actual payment will depend on your unique circumstances and the prevailing interest rates at the time of your application.
You can pay off your mortgage anytime without incurring prepayment penalties.
Frequently Asked Questions
Why choose Greenly Mortgage?
At Greenly Mortgage, we understand the ins and outs of mortgage financing and we know the importance of savings. Greenly Mortgage has worked hard to build a company full of mortgage experts and people experts, meaning we understand that a mortgage isn’t just a loan, but a step towards the dream of homeownership, and a cash-out refinance isn’t just a lower rate, but a means to send your children to college. We get it. We use our advanced technology to provide low rates, transparent pricing, easy online applications, and most importantly great client service.
What types of mortgages does Greenly Mortgage offer?
We offer the following loan options:
Fixed Rate Mortgage
Federal Housing Administration (FHA)
First-Time Home Buyers.
Jumbo Home Loans
Veterans Affairs
Rehab
Low Down Payment Options
Investment Property
Refinance
If you are looking for a loan not listed here, please contact us. We will be happy to help you and guide you on your mortgage journey.
Do you offer construction or commercial loans?
Yes, we can do construction loans for the builder, and the borrower.
What is the minimum FHA loan credit score Greenly Mortgage requires?
A 580 score is needed for FHA. If you have a score lower than that, please reach out to us and let us figure out what is best for you.
Where can we lend?
Ohio and Florida
