USDA Fixed Rate Mortgage
A fixed rate mortgage has an interest rate that will not change for the life of your loan.
Although the most common fixed rate mortgage is the 30 year fixed rate, fixed rate mortgages are offered in the following terms: 10 year fixed rate, 15 year fixed rate, 30 year fixed rate and 40 year fixed rate. The shorter your term, the less interest you will end up paying over the life of the loan.
USDA only offers a 30 year fixed mortgage program at this time.
USDA only offers a 30 year fixed mortgage program at this time.
USDA Fixed Rate Mortgage Benefits
The biggest benefit of a fixed rate mortgage is that you will know precisely what your mortgage interest and principal payments are going to be and hence plan your budgeting in accordance.
Because the monthly payments do not increase over the life of the loan you are protected against mortgage interest rates going up
Other benefits of fixed rate mortgages incude the following.
- Simple to understand
- Offers security from interest rate risk
- Used for those who want to keep their homes for a longer period of time
- Fixed monthly payments over the life of the loan
Why Choose RANLife as your USDA Lender?
- We have an A+ rating according to the Better Business Bureau.
- We are quick, easy and worry free.
- RANLife is a Direct Lender which allows us to close your loan faster than most banks and brokers.
- In 2010 RANLife Closed USDA home loans 8 times faster than the national average.
- Hear what our customers are saying "Have already referred RANLife to a friend. The service was excellent and closing completed faster than expected."
- RANLife has licensed and trained USDA specialists that can walk you through the home buying process.
Contact a USDA Loan Specialist Online or toll free at (800) 461-4152 to learn more about how the USDA fixed rate mortgage Programs can help you.
