Fixed Rate Mortgage
What is a fixed rate mortgage and will it benefit you?
Fixed Rate Mortgage
Make fixed payments for the life of the loan
If you’re looking for the predictability of a fixed payment, look no further than a fixed-rate mortgage.
This mortgage type offers a set interest rate, resulting in a fixed payment amount that will not change over the life of the loan. It’s particularly popular with first-time home buyers, and anyone who finds it easier to budget and plan around the predictability of a fixed payment. Loan lengths vary, but the most common term is 30 years.
Ideally Suited for
People seeking the predictability of a fixed payment
Home buyers planning to keep their home for 10 years or more. Many adjustable rate mortgages allow for rate fluctuations after a specific time period, such as 5 or 10 years.
Those with adequate credit. If you have lower credit scores, you may find an adjustable rate mortgage offers a lower initial monthly payment than a fixed rate mortgage.
Loan Features
Fixed rate terms range from 10 to 30 years
Stable payment and rate
Up to 97% financing for purchase loan
Wide range of conventional and government (FHA, VA & USDA) loan options available
Custom fixed rate options
Looking to refinance without re-extending loan terms? Want your payments to wrap up at a certain time? Then choose your own fixed rate loan term. This option is available for a wide range of conventional and government loans.
Ideally Suited for
Those looking to refinance without re-extending their terms
Homebuyers who want to free up cash flow at a particular time, for instance at retirement
Loan Benefits
Term fits borrower’s time horizon
Lower life-of-loan interest payments