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 homebuyer mortgage. But like the shorter 15 year mortgage, a 20 year mortgage may allow borrowers to secure lower loan rates and 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.
Trying 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.
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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.
Properties that qualify for a 20 year mortgage include:
- 1-2 unit primary residences, including first homes, new homes or refinancing of existing homes
- Vacation homes or 1-unit second homes