Fixed rate mortgages are preferred by people who want to budget a fixed payment each month for the term of the loan.
- Interest rate and payments stay the same.
- Allows for easy budgeting and long-term planning.
- May be right for you if you plan to stay in your home for a long time.
- Local processing and underwriting for quick turnaround.
Many Fixed Rate Financing Options Available
Fixed rate loans are available in a variety of terms. Tioga State Bank offers programs available to assist you in purchasing your home.
30 year fixed rate mortgage-The 30 year fixed rate mortgage is a more popular choice because it provides lower monthly payments than shorter term fixed rate mortgages.
10, 15 and 20 year fixed rate mortgage- A 10, 15 or 20 year fixed rate mortgage can help you pay off your home faster and build equity more quickly, although your monthly payments will be higher than a 30 year loan. These loans are also more popular for refinancing.