Then you've come to the right place.
Choosing a mortgage can be as confusing as finding a home. Here at Pittsburgh Realty we explain each type mortgage, help you determine which mortgage is in your best interest, and how you can get the best rate at Pittsburgh Realty.
With each mortgage you must factor in risk, the term of your loan, and the size of the mortgage you need. The interest rate on a fixed rate mortgage remains the same for the term of the loan. And so your monthly payment (principal balance and interest) also remains the same. The entire mortgage loan is repaid in equal monthly installments over the entire length of the loan.
Mortgage loans that are 30 plus years are considered long-term loans and any amount less than 30 years are short-term loans. Typically mortgage loans are from 10 to 40 years. The length of your loan depends on the amount of your loan. However, fixed rate loans are from 15 to 30 years.