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Compare 10 Year Mortgage Rates
American Bank offers low 10 year home loan rates for the purchase and refinance of most residential 1-4 unit properties. 10 year home loans provide homeowners with a financial instrument that enables them to pay off their mortgages in as little as 120 months.
10 Year Mortgage Payments
Obviously, monthly mortgage payments for 10 year mortgages are usually significantly higher when compared with to 30 or 20 year mortgages, as repayment is condensed into a much shorter amortization period. But for those home buyers who can afford the higher payments, 10 year home loans can equate to thousands (if not tens of thousands) of dollars in interest savings when compared with longer amortizing programs.
Deciding if a 10 Year Mortgage is Right for You
It all comes down to this: Do you prefer a longterm savings, or are you more concerned with month-to-month payments?
Buyers who are payment-conscious may be better off taking out a conventional 30 year fixed rate mortgage. Buyers who want to pay down their loan quickly, save on total interest and gain equity sooner may find that a 10 year mortgage makes a lot of sense. Naturally, you will need to discuss your situation with your loan consultant to see which option is best for you. Call 877-215-2290 today to connect with an experienced and friendly American Bank mortgage professional who can help you evaluate different home loan options.
You should consider a 10 year home loan if...
- you are able to afford higher monthly payments.
- you want to pay down (or pay off) your home loan as quickly as possible.
- you want to build equity quickly.
Keep in mind that 10 year home loans are not the best mortgage solution for everyone. If you are unable to get approved for a 10 year home loan through American Bank, don't worry - there is likely to be a home loan program available that is more in line with your qualifications. A quick chat with one of American Bank's mortgage pros, and you will likely discover a loan option that suits your needs and budget.
To request current 10 year mortgage rates and home loan information, please call 877-215-2290 or complete the Mortgage Quote Form on this page.