What is a fixed-rate mortgage?

A fixed-rate mortgage keeps the same interest rate for the entire loan term, producing consistent monthly principal-and-interest payments that make budgeting simpler and provide long-term stability.

What are common fixed-rate mortgage terms?

Common terms include 30-year and 15-year fixed-rate mortgages. A 30-year offers lower monthly payments; a 15-year offers lower overall interest costs and faster equity build-up.

What are the eligibility criteria for fixed-rate mortgages in Collier County?

Typical requirements include a minimum credit score (commonly 620), documented and stable income, acceptable debt-to-income ratio, and a down payment between 3% and 5% depending on loan size.

Can I refinance a fixed-rate mortgage?

Yes. Borrowers often refinance to lower their interest rate, shorten the loan term, or access home equity. Refinancing depends on current rates, equity and qualification status.

How do 15-year and 30-year fixed-rate mortgages compare?

A 15-year mortgage has lower rates and less total interest but higher monthly payments. A 30-year mortgage lowers monthly payments but results in higher total interest paid over the loan's life.

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