20 Year Fixed

A 20 year fixed mortgage is a home loan for which the terms and conditions, and especially the interest rate, are fixed for 20 years. The importance of this is that interest rates can move around, both up and down. If they go up then your monthly payment is fixed. You are safe and don’t have to worry. If they go down well, if they go down far enough you can always think of refinancing to take advantage of them.

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The important thing to remember about a mortgage and its length, is, that the longer the term of the mortgage, the lower the monthly payments for a loan of a given amount. On the other side, the total amount paid over the years will be higher for a longer loan. So this can be something of a balancing act, as you want your mortgage to be long enough so that you can afford the monthly payments and short enough to minimize the total cost of the loan. A 20 year fixed mortgage has higher monthly payments than a 30 year mortgage, but a lower total amount paid.

There are two groups who really benefit from a 20 year fixed rate mortgage loan. Those who are going to retire in about 20 years time are one obvious one: get the mortgage out of the way before you have to rely on your pension. The others are those who are on good incomes in a low cost area. Why pay interest for an extra 5 or 10 years if you can afford the higher monthly payments and so don’t have to?

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Rates as of Sunday, October 12, 2008

Institution Rate % APR
eloan 5.875 5.911
indymac 5.875 6.033
wellsfargo 5.875 6.051

Mortgage Refinance

Discover how refinancing your mortgage with Citylight Financial can help you save. We'll consider your loan goals and help you make an informed decision about refinancing. Check our other resources for more information or head over to our free quote page to hear from lenders across the nation.

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At City Light Financial our loans are easy to qualify for and include competitive rates. We look at your personal situation and custom-design a loan that works for you. You can lower the total amount you pay out each month or you can even arrange to have extra cash. Here's what you can get with a City Light Financial loan: