The thirty-year fixed rate mortgage is the most popular and widely used residential loan in the United States today. With a thirty-year fixed rate mortgage, you can spread your payments out over a thirty-year term, thus reducing your monthly mortgage payment. With a shorter term loan, you will pay significantly less in interest over the life of the loan; however, your monthly payments will also be significantly higher. Thirty-year fixed mortgages lock your interest rate in for the life of the loan. Today, interest rates adjust almost daily. Therefore, the rates that you see online and in the newspaper will likely change until you make the decision to “lock your rate? with Bank of the Commonwealth Mortgage by completing a loan application and obtaining an approval. Once you decide to lock in your rate, your rate will not change. With most thirty year fixed mortgages, you will ultimately pay a significant amount of interest over the life of the loan, however, this interest is 100% tax deductible on primary residences and second homes, and will serve as a great benefit when tax time rolls around. Please use our mortgage calculator to compare the different mortgage options available.
