Michael Dunsky offers a wide variety of fixed rate mortgage programs. These include 10, 15, 20, 25, and 30 year fixed rates, each with the option of paying 0, 1, 2, or 3 “points.” The interest rate is generally higher for the longer term (i.e. a 30 year fixed rate will be higher than a 15 year fixed rate). Also, the number of “points,” each representing one percent of the loan amount paid in advance, affects the interest rate. For instance, if a 30 year fixed rate of 8.00% requires 2 points, the 30 year fixed rate with zero points might be at 8.50%. Michael can help you choose which term (length), rate and points are right for your particular situation.

BENEFITS:

When fixed interest rates are low, they are extremely popular mortgage programs. Most home buyers choose the security of a fixed rate mortgage because of the volatile history of interest rates. Even home buyers who expect to move on within a few years often choose a fixed rate mortgage to protect against unforeseen circumstances. The early savings of an adjustable rate mortgage can be dwarfed by the increased cost in later years. With a fixed rate mortgage, both the interest rate and the monthly payment will remain the same for the life of the loan. If rates go up, you are protected; if rates go down, you can refinance. The Fixed rate mortgage loans offered by Michael carry no prepayment penalty. You can add to the principal each month or as often as you like, thereby reducing total interest payments and the life of the loan substantially.