Fixed Interest Rate Mortgage

With a fixed-rate mortgage, the interest rate is locked in when the loan is created and won't change. In comparison, a variable-rate or adjustable-rate mortgage (ARM) starts with an initial fixed-rate period, which may be lower than the rates for fixed-rate mortgages for the first few years. The interest rate then adjusts based on market conditions for the remainder of the loan term.

A credit score of 650 is preferred for our fixed-rate mortgage, although lower scores will be considered. In addition to your credit score, your income, employment history and current debts will also be reviewed.

A fixed-rate mortgage gives you predictable monthly payments, which makes budgeting easier. You don't have to worry about future interest rate increases or major changes to your monthly mortgage payment. These mortgages are ideal for homeowners who value stability, plan to stay in their homes long-term, or want to avoid the uncertainty of market fluctuations.

Your principal and interest payment will stay the same with a fixed-rate mortgage. However, if your monthly payment includes property taxes and homeowners insurance, those amounts can change over time, which could cause your total monthly mortgage payment to adjust slightly.

No, your interest rate is locked in when you finalize your loan and will stay the same for the life of the mortgage. This protects you from rising interest rates, but it also means your rate won't automatically lower if market rates go down. If interest rates drop significantly, refinancing your mortgage could be an option to lower your rate and monthly payment.

Private mortgage insurance (PMI) is a type of insurance that protects the lender in case you default on your loan. It reduces the lender's risk, which allows them to offer mortgages to borrowers with lower down payments. PMI isn't required if you are buying a home with a down payment of at least 20% of the purchase price.

Our fixed interest rate mortgage loans don’t have any prepayment penalties. You can make extra payments or pay off your loan early to save on interest.

Absolutely! We’ll be glad to do a preliminary review of your finances and give you an estimate of how much you qualify to borrow. Keep in mind that pre-qualification is not the same as formal loan approval, however. Formal loan approval requires a more in-depth review of your finances and a hard credit check.

Many self-employed individuals qualify for fixed interest rate mortgage loans. Additional documentation may be required to verify your income, however, such as tax returns, profit and loss statements, bank statements and other documents as requested.