Pay off your loan
sooner with a 10-year
mortgage
quickly build equity in your home and get rid of your
monthly payments sooner, a 10-year fixed-rate
mortgage could be right for you.
of the best you can get to purchase your home. While
the shorter term may mean higher payments, this type
of mortgage could pay off in the end.
Take time to explore all of our
different loan options.
Conventional
Ready to buy a home and have at least a 620 credit score? You may qualify for a conventional loan with as low as a 3% down payment.
Jumbo
If you live in a high-cost area or need a mortgage that exceeds conforming loan limits, a jumbo loan might be the right product for you.
USDA
Certain buyers may benefit from a USDA loan depending upon their income or home's location. Another bonus: No down payment is needed.
Adjustable-
Rate Mortgage
ARMs often start out with lower interest rates than fixed-rate loans. You may want to consider an ARM if you believe your income may grow as the interest rate and payment increases.
FHA
If making a down payment is difficult or your credit has taken some hits, consider an FHA loan. These flexible government loans could be a budget-friendly option.
VA
If making a down payment is difficult or your credit has taken some hits, consider an FHA loan. These flexible government loans could be a budget-friendly option.
10-Year Mortgage Rates
Homebuyers with larger budgets and short-term financial goals may benefit from a 10-year mortgage rate loan.
How Does a 10-Year Mortgage Work?
A 10-year mortgage works like many other mortgage loans. The main difference is how quickly the loan is paid off. Read on to learn more about the 10-year mortgage rates, who should consider a 10-year mortgage loan and the options available to borrowers.
What is a 10-Year Mortgage Rate Loan?
A 10-year mortgage is a home loan that is calculated to be paid off within 10 years. These loans come with higher monthly payments than longer-term loans. However, the 10-year mortgage rates are slightly lower than 15, 20 and 30-year home loan options.
10-Year Mortgage Rates Pros & Cons
There are a few key pros and cons to consider when deciding whether or not to choose a 10-year mortgage loan. Here are some of the benefits and setbacks of 10-year mortgage rates and terms:
Pros
- Lower Interest Rate than 15, 20 and 30-Year Mortgage Loans
- Pay Less Interest Overall
- Pay Off the Loan 3x Faster than a
- 30-Year Loan
Cons
- Higher Monthly Mortgage Payment
- Higher Payments may Result in Lower Loan Amount
Why Should I Choose a 10-Year Mortgage?
Now you know the pros and cons of 10-year mortgage rates and loan terms. Next, take a look at the scenarios in which this short-term loan option makes the most sense.
You may want to choose a 10-year loan if you…
- Have a Large Available Budget for Your Monthly Mortgage Payment
- Want a Low Interest Rate on a Home Loan
- Have a Secure Source of Income
- Want to Pay Balance Quicker to Produce a Bigger Profit if Selling Sooner Rather Than Later
Next, it is important to know the 10-year mortgage rates and loan types available should you choose to go with a 10-year mortgage.
10-Year Mortgage Rate Options & Loan Types
10-year mortgage rate loans are not for everyone. That’s why when it comes to home loans, you have options! Let’s go over the basic 10-year mortgage rates, loan types and terms available, so you can choose a suitable option for you.
Compare current 10-year mortgage rates to see what rate options are available now. Then, contact a Wyndham Capital Mortgage loan officer to take advantage of 10-year mortgage rates.
