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The
original and most popular of the fixed-rate mortgages.
The 30-year term offers the highest degree of
stability while providing the lowest monthly payment
schedule. It's a great choice if you think interest
rates will be going up sometime in the future.
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The
biggest advantage of a 15-year term is that you
own your home in half the time. The shorter term
offers consumers a significant savings in interest
paid over the life of the loan. The only drawback
is that the shorter term usually requires higher
monthly payments than the traditional 30-year
mortgage.
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The
5-year and 7-year balloon mortgage is a hybrid
fixed-rate plan that offers lower interest rates
and lower monthly payments similar to the 30-year
mortgage. This is accomplished by making a complete
balance of the mortgage due and payable at the
end of the 5 or 7-year term. The balance due is
referred to as the "balloon" payment.
Normally, you would only consider a balloon mortgage
if you intended to sell or refinance your home
before the end of the initial period.
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Is
a fixed-rate the right mortgage for you? If so,
you may want to apply or inquire with Milestone
to take your first steps! Still not sure? It might
be a good idea to use our calculators to see what
you can afford, or look at different loan options.
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Just
click below! |
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If
you have any further questions, please feel free
to
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call
us at 1-800-883-4444, or e-mail us at
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