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20-Year Fixed Rate Mortgages
A decade of no debt?
Get a lower fixed rates and avg. savings of $100,000 or more
Save $100K
Save $100K
Save $100K
Save $100K
Save $100K
Save $100K
Eligibility Guidelines
To qualify for a 20-year fixed mortgage, here are some general requirements:
Credit Score
A minimum credit score of 620 is typically required, but higher scores (700+) may qualify more easily
Property Type
Primary, Secondary and Investment properties qualify for 20year mortgages if you meet DTI limits.
Debt-to-Income Ratio
DTI ratios cannot exceed 50% on all conventional loan types.
Income
Salaried employment with 2yrs of W2s or self-employment with 2yrs of tax returns are required.
Seller Credits
Sellers can contribute up to 3% of the price toward closing costs, depending on the loan program.
Down Payment
A minimum of 3-5% down is required for all conventional loans.
Mortgage Insurance
PMI is required if the down payment is less than 20%. It can be canceled once 20% equity is reached.
A little, saves a lot!
- Pay ~15% extra, save 33% interest
- Be free from debt, 10 yrs faster
- Put savings on auto-pilot
Fixed, lower rates
- 20-year loans have ~0.3% lower rates vs 30-year loans
- Build up to 2X more equity in the first 10-years
- Refinance into a 15-year loan later
Pay 50% less
- 50% lower extra payments vs a 15yr loan
- Pay off your mortgage, just in time for college
- It's a guaranteed, risk free rate of return
Easy to Qualify
- 60% of homebuyers qualify for a 20yr loan
- 50% Debt-to-income ratios
- No additional qualifications
How it Works?
Apply in 15 mins
Start your journey by filling out an application online or connecting with one of our mortgage specialists to discuss your options.
Get Approved 24 hrs
We’ll review your credit, income, and financial details to determine how much you qualify for, giving you confidence while house hunting.
Find your home
Once you’ve chosen a home or decided to refinance, we’ll lock in your interest rate and guide you through the approval process, including appraisal and underwriting.
Close in 15 days
Sign your final loan documents, pay closing costs, and get the keys to your new home—congratulations, you’re now a homeowner!
Dos and Don’ts
Following these best practices can help you make the most of your home loan while avoiding common pitfalls.
Do
Do Compare Lenders
Shop around for the best interest rates and loan terms to ensure you’re getting the most competitive deal.
Do Consider Extra Payments
Making additional payments toward principal can have the same effect as a 20yr loan.
Consider Alternative Loan Options
A 7/1 or 10/1 ARM may help with lower rates, and you can refinance into a 20-yr loan during the initial interest period
Don't
Don’t Sign Up for More Than You Can Afford
Keep payments within a comfortable range based on your income to avoid financial strain.
Don’t Ignore Refinancing Opportunities
If rates drop, refinancing can help lower your monthly payments or shorten the loan term, and improve cash flow.
Don’t Skip Home Inspections
A thorough home inspection can prevent unexpected repair costs after purchase.
Is a 20-Year Loan Right For You?
Compare your options at a glance
30-Year Conventional
20-Year Conventional
7/1 ARM
Down Payment
3-20%+
3-20%+
5%
Credit Score
620+
680+
680+
Mortgage Insurance
Yes
Yes, but lower
Yes
Interest Rate
Fixed
Fixed, but lower
Fixed for Initial Period
Monthly Payment
Low
Medium
Low
Need Help?
Everything you need, in one place!
Every home has a story
It was fast, it was easy. It was fun.
Sukesh was extremely easy to work with and came highly recommended by our Realtor, Tony. He simplified the process, moved extremely quickly to shorten our closing time and provided and unmatched rate to top it off. Our appraisal came in $60K higher than what we offered and we walked in the house with a ton of equity.
5-Star Review
Speed, Availability, and Smart Solutions. It's all-in-one
Sukesh is wonderful. The best thing about him is that he works very fast and is always available to answer any questions. He is passionate about his work and is always happy to give multiple options for a deal to work. I have marked him as “my lender” and financed 5 houses with him. I will be utilizing his skills and smarts in all my future financing needs.
5-Star Review
An abundance of knowledge at your disposal
Sukesh is the man. If an abundance of knowledge at your disposal sounds like a great idea as a consumer, you've found the right guy. This was my first mortgage ever and I knew nothing, Sukesh was very kind, patient and professional. A fast close was important to me and he was able to close within 14 days. He was responsive and always willing to help and advise me. He has my loyalty and endorsement. Thank you thank you thank you!
5-Star Review
I got a 5.99% interest rate while others offered 6.5%–6.7%
If anyone who is looking for a loan officer to purchase a house with highest loan mortgage amount, lowest rate, and lowest closing cost, please give Sukesh a try. I guarantee you will be 100% satisfies for all of his work and effort he put in to help you out.
Sukesh helped me to purchase my 2nd house. At that time, I tried to work with 3 other loan officers at the same time but I can tell he beat them all. I only have to spend 3 weeks to close my loan and get my house. He also gave me the best rate at 5.99% without paying point while other loan officers give me 6.65% or 6.5% and I also have to pay $2500 for the point.
On the other hand, other loan officers told me that Im only qualify to get $225k loan with 20% down payment, but Sukesh guaranteed me that he can help me with $240k loan amount and only have to pay for 15% down payment.
Everything is so easy to work with Sukesh. I don’t know how much I need to say to show my appreciation to Sukesh for all of his hard work for my loan, but I hope this review is helpful for all people who are looking for a loan officer for the new house. Seriously he is the best!! I highly recommended!
5-Star Review
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Frequently asked questions
You’ve got questions, we’ve got answers
Yes! With Altgage, you won’t face any prepayment penalties, so you have the flexibility to pay off your mortgage early. Making extra payments or paying off your loan ahead of schedule can significantly reduce the total interest you pay over time, helping you save thousands of dollars in the long run.
You can get started with as little as 3% of the home’s purchase price. However, putting down more can reduce your loan amount and lower your monthly payments. A larger down payment may also help you secure a better interest rate and avoid private mortgage insurance (PMI).
- Pros: Lower monthly payments, predictable rates, and flexibility.
- Cons: You may pay more in interest over the life of the loan compared to shorter-term options.
A 30-year fixed loan can be used to purchase or refinance single-family homes, condos, townhouses, and even multi-unit properties, depending on your eligibility. Certain restrictions may apply based on property type, and lender guidelines may vary. It’s always best to check with your lender to confirm specific requirements.
