Own your home with the stability of a fixed rate mortgage.
Fixed rate mortgages maintain their interest rate over the life of the loan. So they are not affected by market fluctuations. They come in 4-term options: 30, 20, 15, and 10-year.
Along with standard fixed rate mortgages, there are three other options: VA loans, which are provided to Veterans. FHA loans, offered to individuals with low credit scores or wanting to pay a low down payment. Investment mortgages, used for investment properties that are not a primary residence.
This loan type is a good option if you:
- Want your interest rate or monthly principal payment to remain the same over the loan’s life.
- Plan to stay in your home for at least several years.
- Do not expect your income to increase significantly in the coming years.
Standard Fixed-Rate Mortgages
The 30-year Fixed Rate mortgage is one of the most common mortgages. This mortgage is also available in 20, 15, and 10-year terms. The shorter the term, the faster you’ll pay the loan, and then less interest you’ll pay—but the higher your monthly payment.
VA Loans are offered to active duty military members or veterans. They require no down payment and no mortgage insurance, and they’re available in 30-year or 15-year terms.
Federal Housing Administration (FHA) Loans are offered to individuals with low credit scores or those who want to make a low down payment, often below 5% of the home’s price. They usually require monthly mortgage insurance, and have 30 or 15-year terms.
Investment Fixed-Rate Mortgages
Investment Mortgages can be used when buying a house as an investment property. Often, they require a higher down payment than a mortgage for a primary residence. They are available in 30, 20, 15 or 10-year terms.