20 Year Fixed Mortgage

A 20-Year Fixed Mortgage is a type of home loan where the interest rate remains the same for the entire 20-year term, providing predictable monthly payments over the life of the loan. This mortgage term offers a balance between the lower monthly payments of a 30-year mortgage and the faster payoff of a 15-year loan. With a 20-year fixed mortgage, borrowers can pay off their loan in two decades while benefiting from the stability of fixed payments, meaning their principal and interest remain unchanged. While the monthly payments are higher than those of a 30-year mortgage, the loan is paid off more quickly, allowing borrowers to save on interest over the long term. This type of loan is ideal for those who want to build equity faster and eliminate their mortgage sooner without the financial strain of a shorter term loan.