Fixed Rate Mortgages allow you to establish an interest rate and monthly payment for the term of the loan. If you plan to remain in a home for seven years or more with the same mortgage, a fixed rate loan offers protection from rising interest rates. Features: - Use it for purchases or refinance with various terms.
- Monthly principal and interest payments remain the same over life of the loan.
- No penalty for prepaying your loan.
- Use it for your primary residence, a second home or income property.
- Loan amounts start at just $30,000.
When to Choose a Fixed Rate Mortgage: - You believe interest rates are low and they could rise in the next few years.
- You want a fixed monthly payment.
- You plan to stay in your home for over seven years.
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