Fixed Rate Mortgages

In general, mortgages with lower terms have lower interest rates making it possible to build equity in your home faster, which can let you move up more quickly to a more expensive home or save more in preparation for retirement or a child's education. Sunmark mortgages have no prepayment penalty, so you can pay principal if you have extra cash. We offer the following fixed rate terms:

30 Year Fixed Mortgage
This mortgage, offering a low fixed rate for a 30-year term, is ideal for buyers who want stable payments and the lowest possible payment. This mortgage option provides maximum interest deduction for tax savings and may require a lower downpayment than some of the lower term fixed rate mortgages.

20 Year Fixed Rate Mortgage
This mortgage, offering a low fixed rate for a 20-year term, is ideal for those who want a lower monthly payment than the 15-year fixed rate mortgage and/or want tax benefits, at least in the early years, that are comparable to the 30-year term, but still want to save more interest over the life of the loan than they would on a 30-year fixed rate mortgage. It also may be easier for some to qualify for a 20-year loan than lower term mortgages.

15 Year Fixed Rate Mortgage
This mortgage, offering a low fixed rate for a 15-year term, is ideal for someone who has a large downpayment, but finds a 15 year payment more affordable than the 10 year payment.

10 Year Fixed Rate Mortgage
This mortgage, offering a low fixed rate for a 10-year term, is ideal for buyers who have a large downpayment and want to build equity in their home quickly.

5 Year Fixed Rate Mortgage
This mortgage, offering a low fixed rate for 5 years, is ideal for those who have equity of 30 percent or more in their home or 30 percent or more to use as a down payment. It is an excellent option for those moving into the area that have to reinvest the proceeds from the sale of a previous home.

7 Year Fixed Rate Mortgage
This mortgage offers a low fixed rate for 7 years. Like the 5 Year Fixed Rate Mortgage, it is ideal for those who have equity of 30 percent or more in their home or 30 percent or more to use as a downpayment. Both offer exceptional rates with a short term mortgage commitment.

If you're having difficulty deciding between two mortgage terms, you might want to consider taking out a longer mortgage term to give your budget the flexibility of having a lower payment requirement — just in case — while still giving yourself the option of paying additional principal since there is no prepayment penalty.