Is a 20 Year Mortgage Right for You?
The 20 year mortgage offers unique benefits that make it an attractive option for purchasing or refinancing a home. Just like the more common 30 year fixed rate mortgage, a 20 year mortgage offers the security of a fixed rate and consistent payment, making it a good choice for a first time buyer mortgage. But like the shorter 15 year mortgage, a 20 year mortgage allows borrowers to secure lower loan rates and to save on a number of years of interest payments. A 20 year mortgage may be especially attractive to a homeowner who wants to refinance a mortgage and doesn’t want to extend the life of the loan with a new 30 year conventional loan.
When you want professional help to determine whether a 20 year mortgage is the best home loan option for you, the mortgage specialists at eLEND can help. As a leading mortgage company, we offer a broad range of mortgage programs and can help you compare mortgages and current home mortgage rates to find the right product for your unique financial situation and financial goals.
20 Year Mortgage Programs Available from eLEND
At eLEND, we offer the following programs with an option for a 20 year mortgage:
- 20 year fixed rate mortgages, which provide a consistent payment and fixed interest rate.
- 20 year adjustable rate mortgages, offering lower interest rates during the introductory period of 3 to 10 years, after which the interest rate and the monthly payment is adjusted annually based on certain market indices.
Properties that qualify for a 20 year mortgage include:
- Primary residences, including first homes, new homes or refinancing of existing homes.
- Vacation homes or second homes.
- Investment properties.
- 1-4 unit multi-family homes.