Fixed-Rate Mortgages

This type of mortgage loan is the best security against rising interest rates and higher payments. If you don’t plan on moving or refinancing in the next several years, a fixed-rate mortgage may be your best choice.

Fixed-rate mortgages are ideal for those who expect to live in their home for a long time and want the peace of mind knowing that their mortgage costs will remain constant.

One of the most popular loans, it provides long-term financial stability. The payment and the rate never change during the term of the loan, giving you and your budget peace of mind.

• Currently, rates for 30-year fixed mortgages are near historic lows.
  That means your mortgage payment will start low and stay low.
• During the term of the 30-year fixed-rate loan, the interest rate stays the same.
  and the principal and interest remain unchanged.
• If you haven’t got a large down payment, you may still qualify for the security of a low, fixed payment.
  Under certain circumstances, you may be approved to put as little as 5% down with a 30-year fixed mortgage on your primary residence. Contact one of our mortgage consultants for complete details.

• Another popular fixed-rate mortgage, this shorter-term loan builds equity much faster, with less interest, and the loan is paid off in half the time of a 30-year term mortgage.
• As with a 30-year fixed-rate loan, the interest rate stays the same and the principal and interest remain unchanged.

• Like other fixed-rate mortgages, principal and interest (P&I) rate remain constant.
• The interest rate for this type of mortgage is typically less than other fixed-rate loans.
• Regular monthly P & I payments are based on 30-year amortization, while the unpaid balance (balloon) is due at the end of a shorter, predetermined term, typically 5, 7 or 10 years.
• People who choose this type of loan will usually refinance or sell their home prior to the end of the balloon term.

• With this type of loan, either the borrower or the seller may pay, in order to temporarily "buy down," or lower, the interest rate.
• The "Buydown" typically reduces the interest rate, and monthly payment is for 1, 2 or 3 years.

Find out today if a fixed-rate mortgage is right for you.