Real Estate Agent Servicing Amelia Island, Fernandina Beach, and Surrounding Areas

Fixed Rate Mortgage


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.

They are 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.

 

Fixed Rate Mortgage Options
30-Year Fixed
This option offers the benefit of the most stability. Many consumers select this option because it offers a consistent payment, that will never change. However, the interest rate is higher than shorter fixed-rate options. However, because payments are amortized over a longer time period, monthly payments are lower.

20-, 15-, and 10-Year Fixed
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.

 

     NICK FENDIG

Credit Manager, NMLS# 1544656


1114 Beach Blvd.
Jacksonville Beach, Florida 32250

P: (904) 992-1000
C: (904) 415-1125
F: (904) 212-1061
nfendig@boemortgage.com