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Starwest Mortgage Corporation
1818 E. Southern Ave, Suite 15C
Mesa, AZ  85204
Info@StarWestMortgage.com

Arizona: (480) 962-5665
Tucson: (520) 303-9406
Utah: (801) 214-1777
Colorado: (720) 644-8078
Fax: (480) 545-0586

NMLS 164496 Arizona MB
0905975 Utah 5941296-NMLC
Colorado Registered MB

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Loan Amortization Terms

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Custom Mortgage
Rate Quote

Thirty-Year Fixed Rate Mortgage

The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.

Twenty-Year Fixed Rate Mortgage

This loan is fully amortized over a 20-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate-and you’ll own your home ten years earlier. The disadvantage is that, with a 20-year loan, you commit to higher monthly payments. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 20 years. For specific details and early-payoff customization, please visit our “Mortgage Calculators” link in the left-hand column, and then select the “Early Payoff” calculator. The 30-year fixed-rate approach is often safer than committing to a higher monthly payment; however, the difference in interest rates can provide large long-term savings.

 Fifteen-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate-and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to higher monthly payments. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. For specific details and early-payoff customization, please visit our “Mortgage Calculators” link in the left-hand column, and then select the “Early Payoff” calculator. The 30-year fixed-rate approach is often safer than committing to a higher monthly payment; however, the difference in interest rates can provide large long-term savings.

Ten-Year Fixed Rate Mortgage

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate-and you’ll own your home in one-third of the time. The disadvantage is that, with a 10-year loan, you commit to higher monthly payments. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 10 years. For specific details and early-payoff customization, please visit our “Mortgage Calculators” link in the left-hand column, and then select the “Early Payoff” calculator. The 30-year fixed-rate approach is often safer than committing to a higher monthly payment; however, the difference in interest rates can provide large long-term savings.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)

These increasingly popular ARMS-also called 3/1, 5/1, or 7/1-can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. Because Starwest Mortgage Corp. does not use prepayment penalties, this loan product is a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

NO CLOSING COST Mortgage!

Starwest pays for all the closing costs associated with the transaction. None of these fees are rolled onto the loan balance. Learn More

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