Fixed Rate Mortgages

Who should consider a fixed-rate mortgage?

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.

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.

What loan terms are available?

Fixed-rate mortgages are offered in 30 year, 20-year, 15-year, and 10-year terms.

Many consumers select 30-year fixed rate mortgages because they offer a consistent payment that will never change. The interest rate on a 30-year loan is higher than shorter fixed-rate options. However, because payments are amortized over a longer time period, monthly payments are lower. 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.

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