Fixed Rate Mortgages

Fixed Rate Mortgages Are Good For:

Fixed-rate mortgages are ideal for individuals seeking stable, predictable monthly payments and long-term financial planning security. They are particularly beneficial for those who plan to stay in their home for an extended period, as they protect borrowers from rising interest rates and offer peace of mind regardless of market fluctuations.

Why take out a Fixed Rate Mortgage?

Are you looking for the safety and stability of predictable monthly payments? A fixed-rate mortgage offers you consistency that can help make it easier for you to set a budget. Your mortgage interest rate, and your total monthly payment of principal and interest, will stay the same for the entire term of the loan.

How Does a Fixed Rate Mortgage Work?

With a Fixed Rate Mortgage, fluctuations in the market will not have an impact on the rate or your mortgage payment. Your Principal and Interest Payments remain the same the entire term of your loan. Because of this, these types of home loans are the most popular mortgages in the U.S.

What are Fixed Rate Mortgage Requirements?

•  Borrowers typically need to meet several key requirements. Most conventional fixed-rate mortgages require a minimum credit score of at least 620, although borrowers with higher scores may receive more favorable interest rates. 
• A down payment of at least 3% is generally required for conventional loans, though a down payment of 20% or more can help borrowers avoid private mortgage insurance (PMI). 
• Lenders also assess the borrower’s debt-to-income (DTI) ratio, with many conventional loans requiring a DTI ratio no higher than 43%, though some exceptions may apply.
• Loan terms and amounts also influence eligibility.
• Additional factors include the property type and occupancy status.

It is best to get a professional Loan Advisor review for these loans since they have a lot of variants. Contact Us to help you to navigate the Fixed Rate Mortgage option