Pay less interest
with a 20-year mortgage
With a 20-year mortgage, you can pay less interest on your loan – and potentially pay it off faster, too. These loans are great for buyers who want to leverage the benefits of lower rates and shorter terms.
Like its 30-year counterpart, a 15-year fixed-rate mortgage offers payment predictability. What you pay each month never changes and you get the added benefit of building equity fast.
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.
20-Year Mortgage Rates
Buying a home is one of the biggest decisions a person can make. How you pay for it can have a major impact on your life in the short- and long-term. Certainly, paying off your home loan in 20 years can have its advantages, but is it the right option for you? Let’s review the ins and outs of 20-year mortgage rates, who they may be suited for and the options available to borrowers to help decide if a 20-year loan is right for you.
20-Year Mortgage Rates Pros & Cons
Pros
- Shorter term & faster payoff than a traditional 30-year loan
- Lower interest rate than a 30-year loan
- Lower total cost of borrowing
- Lender & origination fees won’t vary from other loan options
Cons
- Higher monthly payment than 30-year loan
You Should Consider a 20-Year Loan If You…
- Want to pay down principal quickly and build home equity faster
- Find 30-year loan payments too low and 15-year mortgage loan payments too high
- Want to own your home in under 30-years
Other Loan Options
Mortgages with 20-year terms may not benefit everyone. That’s why Wyndham Capital offers loan terms to fit every financial story. Whether you’re purchasing your first home, want to save as much as possible or you’re not sure what type of mortgage is right for you, we can help. Contact Wyndham Capital Mortgage today and learn the advantages a modern mortgage has to offer.
