20 Year Mortgages

Regardless of how long the commitment or favorable the terms and interest rates are, a mortgage is something that should be chosen very carefully. When it comes to a 20 year mortgage from Mid America Mortgage, Inc., there are a number of reasons that may make this product the right choice for certain borrowers. Hopeful homeowners should consider these points:

• A 20 year mortgage is a fixed rate mortgage which is amortized over 240 months. Monthly principal and interest payments stay consistent throughout the life of the loan.
• The interest rates for this type of loan are often lower than those for a 30 year fixed rate mortgage.
• The monthly payment amount is frequently higher than the monthly payment total for a 30 year home loan and less than those for a 15 year mortgage. (it is important to note that this is not always the case – consult a mortgage professional for more information)
• The trade-off for higher monthly payments (compared to a 30 yr fixed rate product) is that this type of loan program allows the borrower to build equity more quickly, save on interest and own the home sooner.

Contact Us for More Information on 20 Year Home Loans

• Search our branch directory or call 866-544-7013 to speak with a mortgage professional serving your area.
• Pre-Qualify Now
• Use the Rate Quote Form on this page to request additional information.

Is a 20-year mortgage right for you….

• Does the idea of being mortgage-free in 20 years appeal to you?
• Since you may be looking at higher monthly payments when compared to a 30 year amortizing loan….Are you in a stable employment situation and likely to receive future financial perks such as promotions, bonuses or cost of living increases in the coming years?
• Are you disciplined when it comes to spending and financial obligations?

If you answered yes to those questions, then a 20 year fixed rate mortgage from Mid America Mortgage, Inc. is definitely worth looking into! One of our professional and experienced loan consultants is looking forward to hearing from you soon! A free, no-obligation phone call is all it takes to learn more about whether or not a 20 year mortgage is the right strategy for your next home purchase or mortgage refinance.

Please note the underwriting guidelines are subject to change. Contact one of our mortgage professionals today for the most up-to-date guidelines.