Fixed Rate Loans (Conventional)
A fixed-rate loan offers the same interest rate,
monthly principal and interest payment throughout
the entire life of the loan. The fixed-rate mortgage
loan is the "traditional" choice and
is still the most popular because it offers stability
and predictable monthly payments.
The longer the term, the lower the monthly payments
and the more cash you’ll have for other expenses.
A longer term also provides maximum tax-deductible
interest (ask your tax advisor for more details).
With a shorter term, you will have higher monthly
payments and you will qualify for a smaller loan
amount, but you’ll save on interest costs over
the life of the loan and build your equity faster.
Choose a fixed-rate loan if you:
- Like the current rate and want to keep
it for the life of your loan
- Are purchasing or refinancing at a time
when interest rates are comparatively
low
- Plan to stay in your house for a long
time
- Prefer regular payments with no surprises
- Are on a limited or fixed income
- 100% financing or no down payments programs
are available
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What You Need to Know:
Contact a Mortgage
Loan Officer to go over any questions you
may have or call our Mortgage Call Center at 1-888-993-8754.
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