If you want the security of knowing what your home loan payment will be each month, a fixed rate mortgage – one of the most popular types of mortgages – may be right for you. Unlike adjustable rate mortgages, where rates change depending on market conditions, fixed rate mortgages feature interest rates that stay consistent throughout the lifetime of the loan. That means you will never have to worry about your monthly payment going up, and you can manage your budget without surprises.
Buy a Home with a Fixed Rate Mortgage
When you buy a home and need a home purchase loan with a Fixed Rate Mortgage, your interest rate—and your total monthly payment of principle and interest—will stay the same for the entire term of the loan. This predictability can be helpful as you plan your financial future.
We offer a variety of fixed rate home loan packages including:
Use our Fixed Rate Mortgage Calculator to give you an idea of what your loan may look like.
Refinance with a Fixed Rate Mortgage
If you need to refinance your home loan, a Fixed Rate Mortgage can offer several benefits including:
Benefits of a Fixed Rate Mortgage
Decreased risk: Even if the current interest rate increases, yours will remain the same. This is an essential feature for many homeowners, and it’s one reason why Fixed Rate Mortgages are popular, particularly with first time home buyers.
Security: With a fixed rate loan, you know that your interest rates will never increase as long as you hold the loan, giving you the security needed to plan for your future.
With other types of loans, market fluctuations can cause interest rates to increase, along with your monthly payments. Fixed Rate Mortgages eliminate this problem by securing one, low interest rate that will never change as long as you hold the loan.
Predictable monthly payments: Fixed Rate Mortgages protect homeowners from payment surprises in the future. They offer consistent monthly payments, so you can easily budget your monthly expenses.
Inflation protection: Inflation erodes the value of the dollar over time. That means payments made during the last 15 years of a 30 year loan are significantly lower in real terms than the day you first get the loan.
Contact us today to find out more about fixed rate mortgages. For home buyers, we offer Free Up-Front Credit approvals and offer fast on-time closings.