Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

What Are 20-Year Mortgage Rates?

There are various factors to consider when purchasing a home, including how to finance it. Some consumers may opt for a mortgage with a shorter term while others find it beneficial to extend the mortgage. It may be best to look for a 20-year mortgage for a lower price without putting yourself in debt until retirement. First, let us help you answer the question, “What are 20-year mortgage rates?”

What are 20-year Mortgage Rates?

20-year mortgage rates are an alternative to 15 and 30-year mortgage rates, the most common types of mortgage loans. 15, 20, and 30-year mortgages are usually offered as fixed-rate mortgages, meaning the interest rate you pay never changes. A 20-year fixed mortgage rate typically allows you to build equity faster and pay off your home in less time than other longer-term mortgage loans. They also typically have lower interest rates than other mortgage options because the term of the loan is shorter.

Benefits of a Fixed-Rate Mortgage

First Bank offers conventional fixed-rate mortgages, available in terms of 15, 20, and 30 years. There are many benefits to a First Bank fixed-rate mortgage, including:

  • Predictable monthly P&I payments
  • Protection from rising interest rates for the life of the loan
  • Sound investment for long-term home owners

What is an Adjustable Rate Mortgage?

First Bank also offers adjustable rate mortgages, or ARMs. ARMs have interest rates that change periodically. When the rate changes, your monthly payment will either increase or decrease depending on whether the rates rise or fall. First Bank’s ARMs are available for 30-year amortization schedules, with initial periods of 3, 5, or 7 years.

Contact First Bank Today

Whether you’re buying a home or interested in refinancing, First Bank has a loan option for you. If you are still have questions about mortgage rates or conventional loans, contact the First Bank Mortgage Help Center, or visit a First Bank branch near you.

Trending Topics

Find the Best Small Business Loan Rates Near Me at First Bank

Searching for some of the best rates and the most flexible terms for your small business doesn’t have to take forever. At First Bank, we believe you should spend more time focusing on ways to expand your small...

Need Online Payroll Services Nearby? Trust Your Local First Bank

Going green isn’t only good for the environment. If you’re a business owner, turning your business into an eco-friendly venture could help you save money and attract more customers. By cutting costs in certain...

Creating a Competitive Employee Benefits Plan

Employee benefits plans are an important part of any business owner’s company structure. Part of attracting and retaining talented employees is offering them a competitive benefits package. Some benefits are required...

FHA Mortgage Loans – Asheboro NC

Since 1935, First Bank has been a bank dedicated to providing for the community. We offer FHA mortgage loans in Asheboro, NC to help home buyers and refinancers obtain a mortgage that is beneficial for them. A FHA mortgage...

Loan for a Brewery – Asheville NC

Need a Loan for your Brewery in Asheville? Breweries have become a booming business across the state in recent years, particularly in Asheville. Between 2006 and 2013, the number of breweries in North Carolina skyrocketed...

Small Business Startup Loans in North Carolina

If you have a good idea and a little bit of business savvy, a small business startup loan can serve as the cornerstone to your fortune. Whether it’s a traditional business loan, credit line, commercial mortgage,...

FHA Loans vs. Conventional Loans: How to Tell the Difference

Overwhelmed with the prospect of buying a home? FHA loans and conventional loans are likely two sources of financing that you’ve considered. Let First Bank help you understand these options and come to a conclusion...

Best Savings Account for Kids – Asheville, NC

If you have kids, one of the most valuable lessons you could teach them is the value of a dollar. But just like anything else, you don’t want to settle for just any old savings account. You want the best savings...

10-Step Program for First-Time Homebuyers

If you’re searching for a first-time homebuyer program, it’s important to find a process that is simple and clear. Purchasing a home for the first time is a significant event, so it’s also a process that...

Banks in North Carolina

Did you know there are more than 100 First Bank locations in North Carolina? It’s true. You can find us in over 60 cities, mountains to coast. Did you know we’re one of the oldest banks in North Carolina? Yup,...