5 year fixed rate mortgage is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as different to loans where the interest rate may change. Other forms of mortgage loans include interest only mortgage, graduated payment mortgage, changeable rate including changeable rate mortgages and tracker mortgages, negative paying off mortgage, and balloon payment mortgage.
A Balloon Payment mortgage, for example, can have a fixed rate for the term of the loan followed by the ending balloon payment.
5 Year Fixed Rate Mortgage Rates
If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable. Are you eligible for a Home Affordable Modification ( the Obama Mortgage Plan)? Under the Obama mortgage plan guidelines, your lender may lower your mortgage payments to no more than 31% of a borrowers pre tax monthly income.
1.; Down Payment/Contribution: $ 02.; Payments of: $ 1,974.764.; First Payment Due On: 9-01-095.; Last Payment Due On: 11-01-09
1.; Old Interest Rate: 6.450% with PITI payments of:; $ 2,686.993.; New Mod Interest Rate: 2.87% PITI with payments of: $ 1,974.764.; Total Monthly Savings with the Mod: . . . . . . . . . . . . . . . . . .
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