home-purchase / 10 Year

Pay off your loan sooner with a 10-year mortgage

If you’d like a mortgage product that allows you to 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.

Typically, interest rates on a 10-year mortgage are some 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.

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.