For borrowers that plan to stay in their homes for a long time, Bank of England Mortgage offers several fixed rate mortgage options—including 10, 15, 20, and 30 year programs.
A fixed rate mortgage from Bank of England Mortgage is ideal for you if you are looking to build equity, through the purchase of a stable, traditional mortgage. Our loan team can develop a comprehensive spreadsheet that illustrates the difference in payments among the fixed-rate mortgage options. They will be discussed with the consumer to help determine the choice that best meets their needs.
30 Year Fixed-Rate Mortgages
This option offers the benefit of the most stability. Many consumers select this option because it offers a consistent payment, that will never change. However, the interest rate is higher than shorter fixed-rate options. However, because payments are amortized over a longer time period, monthly payments are lower.
20, 15, and 10-Year Fixed
Borrowers that elect to purchase fixed-rate mortgages of a shorter duration, such as a 20, 15, or 10-year fixed-rate mortgage programs, pay higher monthly payments, but the interest rate is lower on these mortgages than on 30-year mortgages.
Rest assured, a Bank of England Mortgage loan specialist will walk you through the options and help you select the mortgage that fits your needs.