20 Year Fixed Mortgage Rates

Compare today's current mortgage and refinance 20 year fixed interest rates

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A less popular, but reasonable step in mortgage terms, the 20-year fixed rate offers a balance of payment and length for purchasers who may have a larger down payment or feel they can handle a slightly higher monthly payment. This term is not uncommon for those looking at their first refinance opportunity.

Start the process for a 20 year fixed mortgage today

Start the process for either a purchase or refinance 20 year fixed mortgage and have a licensed loan officer contact you for a custom quote today.

What is a 20 year fixed mortgage?

Similar to the 30-year term, a 20-year fixed mortgage is a loan which gives you 20 years to pay off the balance at an interest rate which will not change over the 20-year life of the loan.

How does a 20 year fixed mortgage work?

Only slightly shorter than the popular 30-year mortgage, the 20-year fixed mortgage provides a set  payment (usually monthly) for the lifetime of the loan. The interest rate is locked in at the time you obtain the mortgage, and cannot increase (or decrease), no matter the change in rates offered by lenders later. A less popular option, not all lenders offer a 20-year mortgage loan.

Is a 20 year fixed mortgage loan a good idea?

The 20-year fixed rate offers a balance of payment and length for purchasers who may have a larger down payment or feel they can handle a slightly higher monthly payment. This term is not uncommon for those looking at their first refinance opportunity. The 20-year difference can save thousands in interest with a slightly better interest rate, although your monthly payment may be (on average) $200-$500 more.

Lock in your 20 year fixed rate today

With a wide variety of financing options a loan officer can help you find and lock in the best 20 year fixed rate for purchasing a home or refinancing your existing mortgage. Contact us to get started today!

Mortgage rate questions?

20-year fixed mortgage rates change daily and are determined by 5 major driving factors which you can control: Property type and use, loan-to-value ratio, your FICO score, and whether you are purchasing or refinancing the mortgage.

Getting the lowest 20-year fixed jumbo refinance rate depends on 4 main elements: the refinance type (rate/term or cash out), the amount of equity you have in the property, any second mortgages, liens or subordinate financing you already have, and your financial report card.

Jumbo (loan amount >$510,400) 20-year fixed rates are typically higher than conforming loans. This process should also include comparing loan estimates, having a 740+ FICO score, 60% (or less) loan-to-value, and the property being your primary residence.

Conforming (loan amount <$510,400) 20-year fixed rates are typically lower than jumbo loans. This process should also include comparing loan estimates, having a 740+ FICO score, 60% (or less) loan-to-value, and the property being your primary residence.

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