Fixed Rate Mortgages

Fixed Rate Benefits

• Affordable Payments: Terms from 10 to 30 years allow you to how quickly to pay off the mortgage

• Security: Borrowers have consistent monthly payments with no fluctuations that can affect their finances

Fixed Rate Requirements

The first thing a borrower should do is get pre-approved for a loan. Doing so provides the following benefits:

• Save time shopping for properties in your price range

• Create credibility with sellers by letting them know you're a qualified and serious buyer

• Speed up the closing process and get your loan funded sooner

 

To refinance your mortgage with a Fixed Rate loan, you'll need to provide proof of income and the following documents:

• Homeowner's Insurance: Verify adequate coverage

• Proof of Income: Show past employment and income history

• Asset Information: Bank account statements, 401k, and other investment records

Fixed Rate Loan Options

15 Year Fixed Mortgage

The 15 Year Fixed Mortgage lets you repay the mortgage in half the time of a 30-year term. The benefit of the shorter, 15-year term means you will:

• Have a lower interest rate

• 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

30 Year Fixed Mortgage

The 30 Year Fixed provides the security of a fixed rate plus an affordable payment. It’s ideal for borrowers who want a fixed monthly payment to help them budget accordingly throughout the life of the loan.

30 Year Fixed Rate loans offer:

• Lower  payments than 15 year fixed loans

• The security of consistent payments

• Protection from inflation