Fixed Rate Mortgages
Fixed Rate Mortgages
HOME / LOAN PRODUCTS / FIXED RATE MORTGAGES
With a fixed rate mortgage, borrowers are able to take comfort in locking in a fixed monthly payment for the life of their loan. Fixed rate mortgages are typically amortized over 10, 15, 20 or 30 year terms. Today, over 90% of all mortgages originated in the United States are fixed rate mortgages.
Fixed Rate Snapshot
While most borrowers tend to choose standard 15 and 30 year fixed rate terms, you can also choose to customize your fixed rate term for a more unique duration that better fits with your financial plan. Please inquire with one of our advisors to learn more about this option.
Use our fixed rate mortgage calculator to get a better sense of your potential mortgage payment under various amortization and interest rate scenarios.
Fixed Rate Benefits
- Financial Planning: With customizable terms up to 30 years, you can choose how quickly you want to pay off your mortgage.
- Security: Lock in your mortgage payment based on what you can afford today and remain assured that your payment will not adjust upwards in the future.
- Clear Terms: Sign your loan documents confidently, with a clear understanding of your loan terms. You will not have to decipher what can trigger a future payment increase, how much your payment will increase in the event of such a trigger, or how much you are paying toward principal each month.
Fixed Rate Prequalification for Home Buyers
Please visit our prequalification page if you are interested in beginning the process to obtain a prequalification letter.
Having a prequalification can:
- Give you an idea of the price rage in which you should be shopping
- Enhance credibility with sellers by letting them know you’re qualified and serious
- Speed up the closing process and get your loan underwritten and funded faster
- Make your overall home buying experience more efficient
Fixed Rate Assessment for Existing Home Owners
In order to help us give you the most accurate assessment of your scenario, you’ll want to be ready to discuss:
- Income Information: Past employment and income history
- Asset Information: Bank account and investment account balances
- Real Estate: Properties owned, along with estimated values and mortgage debt
Fixed Rate Loan Options
The 15 Year Fixed allows you to repay your mortgage in half the time of a 30-year term, but without doubling your monthly payment.
With a 15-year term, you will:
- Have a lower interest rate than a 30 Year Fixed
- Pay less interest over the life of the loan since the loan is being paid off faster
- Build equity faster than in a 30 Year Fixed mortgage
The 15 Year Fixed is ideal for buyers who have already paid into a prior mortgage and are looking to refinance without extending their pay-off date farther into the future. A 15 Year Fixed could also be used by home buyers who have a low down payment and want to build equity more quickly.
30 Year Fixed Mortgage
Our most popular loan option is the 30 Year Fixed. The 30 Year Fixed gives you fixed payment security with maximum leverage to increase your borrowing power.
With a 30-year term, you will:
- Realize the lowest possible payment with a fixed payment
- Maintain the highest possible tax deduction for interest in the early years of your mortgage
- Protect yourself from inflation over the longest possible period
Fixed Rate Mortgages
HOME / LOAN PRODUCTS / FIXED RATE MORTGAGES
With a fixed rate mortgage, borrowers are able to take comfort in locking in a fixed monthly payment for the life of their loan. Fixed rate mortgages are typically amortized over 10, 15, 20 or 30 year terms. Today, over 90% of all mortgages originated in the United States are fixed rate mortgages.
Fixed Rate Snapshot
While most borrowers tend to choose standard 15 and 30 year fixed rate terms, you can also choose to customize your fixed rate term for a more unique duration that better fits with your financial plan. Please inquire with one of our advisors to learn more about this option.
Use our fixed rate mortgage calculator to get a better sense of your potential mortgage payment under various amortization and interest rate scenarios.
Fixed Rate Benefits
- Financial Planning: With customizable terms up to 30 years, you can choose how quickly you want to pay off your mortgage.
- Security: Lock in your mortgage payment based on what you can afford today and remain assured that your payment will not adjust upwards in the future.
- Clear Terms: Sign your loan documents confidently, with a clear understanding of your loan terms. You will not have to decipher what can trigger a future payment increase, how much your payment will increase in the event of such a trigger, or how much you are paying toward principal each month.
Fixed Rate Prequalification for Home Buyers
Please visit our prequalification page if you are interested in beginning the process to obtain a prequalification letter.
Having a prequalification can:
- Give you an idea of the price rage in which you should be shopping
- Enhance credibility with sellers by letting them know you’re qualified and serious
- Speed up the closing process and get your loan underwritten and funded faster
- Make your overall home buying experience more efficient
Fixed Rate Assessment for Existing Home Owners
In order to help us give you the most accurate assessment of your scenario, you’ll want to be ready to discuss:
- Income Information: Past employment and income history
- Asset Information: Bank account and investment account balances
- Real Estate: Properties owned, along with estimated values and mortgage debt
Fixed Rate Loan Options
The 15 Year Fixed allows you to repay your mortgage in half the time of a 30-year term, but without doubling your monthly payment.
With a 15-year term, you will:
- Have a lower interest rate than a 30 Year Fixed
- Pay less interest over the life of the loan since the loan is being paid off faster
- Build equity faster than in a 30 Year Fixed mortgage
The 15 Year Fixed is ideal for buyers who have already paid into a prior mortgage and are looking to refinance without extending their pay-off date farther into the future. A 15 Year Fixed could also be used by home buyers who have a low down payment and want to build equity more quickly.
30 Year Fixed Mortgage
Our most popular loan option is the 30 Year Fixed. The 30 Year Fixed gives you fixed payment security with maximum leverage to increase your borrowing power.
With a 30-year term, you will:
- Realize the lowest possible payment with a fixed payment
- Maintain the highest possible tax deduction for interest in the early years of your mortgage
- Protect yourself from inflation over the longest possible period