When selecting a mortgage, an important choice borrowers must make is whether to apply for an adjustable interest rate or a fixed rate. Adjustable rate mortgages may be in the borrower’s favor if interest rates drop over time. Fixed rate mortgages help regulate a borrower’s finances since the principal and interest (P&I) amount is the same every month.
We offer borrowers a wide selection of fixed rate mortgages, the advantages of which include:
- Low, fixed interest rates
- The stability of a fixed monthly P&I payment
- The option to secure an even lower interest rate with discount points
- A down payment as low as 3 to 20% of the home’s value (when buying a home)
- No prepayment penalty if you pay your loan off early
- Flexible loan terms ranging from 10 to 30 years in 1-year increments
If refinancing, a fixed rate mortgage may be right for you if:
- You have a high interest rate and you want to lower it
- You have an adjustable rate mortgage and prefer the stability of fixed P&I payments
- You want to lower your P&I payment or shorten the term of your loan
- You want to get cash out for home improvements, debt consolidation or college tuition
- You plan to stay in your home for 7 years or longer
If buying a home, a fixed rate mortgage may be right for you if:
- You plan to stay in your home for 7 years or longer
- You prefer the stability of fixed P&I payments
- You have a down payment of at least 5 to 20% of your home’s value
If your finances could benefit from stable P&I payments, call us to talk to a loan expert today. We’ll help find the fixed rate mortgage that’s right for you.
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