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Types of Loans

Thirty-Year Fixed Rate Mortgage


The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Fifteen-Year Fixed Rate Mortgage


This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you'll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn't that great.

Churchill Mortgage Corporation
1749 Mallory Lane , Brentwood, TN  37027
Toll Free:  (888) 562-6200
Direct:  (615) 370-8888
CustomerCareBrentwood@churchillmortgage.com
Copyright © 2020 Churchill Mortgage Corporation

Company NMLS ID # 1591 (www.nmlsconsumeraccess.org); AL–20934; AR–32094; AZ-0926494; CA-413125, Licensed by the Department of Business Oversight under Churchill Mortgage Corporation, which will do business in California as Churchill Mortgage Home Loans; CO–Mortgage Company Registration, Churchill Mortgage Corporation, 761 Old Hickory Blvd. Ste 400, Brentwood, TN 37027, Tel 888-562-6200, Regulated by the Division of Real Estate; DC –MLB1591; FL–MLD225; GA–23146; ID-MBL-8038; IL–MB.6760685, Illinois Residential Mortgage Licensee, Department of Financial and Professional Regulation; IN–10930 & 10931; IA–2009-0009; KS-MC.0025136, Kansas Licensed Mortgage Company; KY–MC19522; MD–18840; MI-FR0019014 & SR0014889; MO-14-2136, 435 Nichols Road, Ste 200, Kansas City, Missouri 64112-2036; MN-MN-MO-1591; MS–1591, Licensed by the Mississippi Department of Banking and Consumer Finance; NE–2037; NM–03780; NC–L-144110; OH-MBMB.850178.000 & SM.501828.000; OK–MB002527 & ML002574; OR-ML-
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