Fixed-Rate Mortgages
If you like to plan for the long-term and don’t like to take risks, you might want to consider a fixed-rate loan. “Fixed” means that your interest rate and monthly loan payments remain the same for the life of your loan. We offer 15- and 30-year fixed-rate terms, on both conforming and jumbo loans, all with a variety of features.
We establish your interest rate and monthly payment amount when the rate is locked on the loan. You might pay a little more for the security of a fixed-rate mortgage, but for many people, the resulting peace of mind is worth it.
Advantages
- Guaranteed rate for the term of the loan once you lock
- Protection from rising interest rates
- Fixed monthly payment amount
Variations:
- 15 and 30 year terms: Fixed Interest rate and monthly loan payments over the life of your loan.
- 30 year fixed rate loan due in 7 with a rate lower than a 30 year fixed rate loan. The loan balance is due at the end of the 7th year as a balloon payment, At that time you have the option to refinance the remaining 23 years or pay the balance.
Consider a Fixed-Rate Mortgage if:
- Your income is consistent and reliable
- You’re willing to pay more for the security of fixed monthly payments
- You plan on keeping the same mortgage for seven years or more
