Fixed Rate Mortgage

A Fixed-Rate Mortgage (FRM) offers stability, making it a timeless choice for homeowners. With a consistent interest rate throughout the entire loan term, this option allows you to confidently plan your finances, knowing that your monthly payments will remain the same for the life of the loan.

A Fixed-Rate Mortgage is ideal for those who value long-term stability. With fixed monthly payments, you'll have the predictability to budget effectively and plan for the future. Here are a few reasons why a Fixed-Rate Mortgage is a popular choice for homebuyers:

• Predictable Monthly Payments: You interest rate is locked in, ensuring that your payments never change. No surprises, just steady progress toward homeownership.
• Protection Against Market Fluctuations: Unlike Adjustable-Rate Mortgages (ARMs), your rate won’t increase with the market, providing long-term protection.
• Simple and Straightforward: The fixed-rate structure is easy to understand and manage, making it ideal for those new to homeownership or those who prefer a more predictable loan.

We offer two primary options for Fixed-Rate Mortgages, designed to cater to different financial goals:

1. 30-Year Fixed-Rate Mortgage (30-Year FRM)

• Best For: Homebuyers looking for lower monthly payments and a long repayment term.
• Interest Rate: Stable and competitive, ensuring consistent payments throughout the term.
• Down Payment: As low as 3% to 5%, depending on the loan amount.
• Closing Time: Typically 14 to 21 days from contract to keys.
• Eligibility: 
  • Minimum credit score of 620.
  • Loan amounts within county limits.
  • Flexible down payment options.

2. 15-Year Fixed-Rate Mortgage (15-Year FRM)

• Best For: Buyers who want to pay off their mortgage faster and save on interest over time.
• Interest Rate: Generally lower than the 30-year option.
• Monthly Payments: Higher due to the shorter loan term, but the savings on interest can be significant.
• Eligibility: 
  • Requires a higher monthly payment.
  • Ideal for those wanting to build equity quickly.

• Rate Stability: You’ll never have to worry about rising interest rates, keeping your budget predictable.
• Long-Term Security: Enjoy peace of mind knowing your payment won’t change for the life of the loan.
• Equity Growth: As you make payments, you build equity in your home, increasing your financial security over time.

While Fixed-Rate Mortgages provide stability, ARMs offer an initial fixed rate for a period of time before it adjusts based on the market. Fixed-Rate Mortgages are best for those who prefer a predictable, long-term payment structure, while ARMs might be an option for buyers who plan to sell or refinance before the rate adjusts.

To qualify for a Fixed-Rate Mortgage, you’ll need to meet certain criteria:

• Stable Income: Proof of consistent income to ensure repayment capacity.
• Good Credit Score: Typically, a credit score of 620 or higher is required.
• Debt-to-Income Ratio: Maintaining a manageable ratio of debt to income.
• Down Payment: Varies depending on the loan type (as low as 3% for standard loans).

Choosing between a 30-year and 15-year Fixed-Rate Mortgage depends on your financial goals. If you need lower monthly payments and flexibility, the 30-year option might be the best fit. If you’re looking to pay off your mortgage more quickly and save on interest, the 15-year option is a great choice.

Take the first step toward securing your dream home with a Fixed-Rate Mortgage. Get a free, no-obligation quote and see how easy it is to begin your homeownership journey with us.

For many first-time homebuyers or those facing challenges with conventional financing, FHA loans provide an accessible and reliable option. These government-backed loans come with relaxed credit and down payment requirements, making them a powerful tool for those who might not otherwise qualify for a traditional mortgage.