What’s a fixed-rate mortgage?

You are about to leave the Capital Bank Website

DISCLAIMER: When you click Accept you will be leaving the Capital Bank (“the Bank”) website and are going to a website that is not operated by the Bank. We are not responsible for the content or availability of linked sites.

ABOUT THIRD PARTY LINKS ON OUR SITE
The Bank offers links to other third party websites that may be of interest to our website visitors. The links provided in our website are provided solely for your convenience and may assist you in locating other useful information on the Internet. When you click on these links you will leave the Bank’s website and will be redirected to another site. These sites are not under control of the Bank. The Bank is not responsible for the content of linked third party websites. We are not an agent for these third parties nor do we endorse or guarantee their products. We make no representation or warranty regarding the accuracy of the information contained in the linked sites. We suggest that you always verify the information obtained from linked website before acting upon this information. Also, please be aware that the security and privacy policies on these sites may be different than the bank’s policies, so please read third party privacy and security policies closely. If you have any questions or concerns about the products and services offered on linked third party websites, please contact the third-party directly.

LOAN SERVICING

This is often considered for homebuyers who intend on staying in their home for several years, a fixed-rate loan has a predictable monthly payment for the life of the loan. The duration of the loan impacts the dollar amount of the monthly payment, amount of interest paid, amount of time to build equity in a home, and length of time to pay off the loan.

Longer term loans have lower monthly payments and pay more interest over the life of the loan, taking longer to build equity and pay off the mortgage.

Shorter term loans have higher monthly payments and pay less interest over the life of the loan, taking less time to build equity and pay off the mortgage.

In general, the longer your loan term, the more interest you will pay. Loans with shorter terms usually have lower interest costs but higher monthly payments than loans with longer terms.