Fixed-Rate Loans

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marcelle v., bellevue

fixed-rate home loans

Rates as low as

APR Effective 8/26/2016*

3.274
%
APR

12 Year Fixed

Refinance Only - 12 Year No Fee

3.288
%
APR

15 Year Fixed

3.999
%
APR

30 Year Fixed

*See important information about rates, fees and other costs

Security for the long term

Fixed-rate mortgages are the most traditional loans, and are a great choice if you plan to be in your home for a number of years. Your payments won't fluctuate unless your taxes and insurance rates change, and your interest rate is locked in for the duration of your loan.

*NEW* No origination fees

BECU is excited to announce yet another way we can save our members' money: NO origination fee on conventional fixed-rate or adjustable-rate mortgage home loans for purchase transactions**. No origination fee significantly reduces closing costs. And reducing cost is just one more way BECU can help members combat the skyrocketing prices in today's real estate market.

Fixed-rate loans may be the best choice for you if:

  • You expect your income to remain the same in the coming years
  • You don't plan on moving for the foreseeable future
  • You want the security of fixed rates and payments that will only change if taxes and insurance change

Fixed-rate loans are available for 10, 12, 15, 20, or 30-year terms. What's the best length for your situation? Here are some things to think about:

  • Total interest you want to pay over the term. The total cost of interest on a 30-year loan is higher than the interest cost of a shorter loan. With a 30-year loan, you have lower monthly payments, but a higher rate; with a 15-year loan, you would have higher monthly payments, but with a lower rate. 
  • Your ability to make a higher monthly payment. With a shorter term you pay the loan off faster, but you need to be able to afford higher payments. A 15-year term will also save you thousands in interest over a 30-year loan.

Need the lower payments of a 30-year loan, but still want to decrease interest payments? Just pay a little extra each month toward the loan principal if you can.

Email us to learn about BECU homes for sale.

Now let's take a look at your options:

Why choose this Pros Cons

 You plan on staying in the home long-term

 Fixed rate of interest

 You end up paying more in interest charges over the life of the loan

 You think interest rates will increase

 Level principal and interest payments for the full term of the loan

 Benefits of the fixed rate are not realized until after the 10th year

 You don't expect your income to increase significantly over the coming years

 No risk that changing market conditions will increase your monthly payments

You need to qualify for the largest loan possible

Why choose this Pros Cons

 For loan amounts from $417,001 to $729,750 for one-unit properties, $533,851 to $934,200 for two-unit properties, depending upon location of property

Fixed rate of interest

Requires a minimum Representative Credit Score of 680

 Only available for properties in California, Pennsylvania, and Washington

 Level principal and interest payments for the full term of the loan

 Only available for properties in California, Pennsylvania, and Washington

 You plan on staying in the home long-term

 No risk that changing market conditions will increase your monthly payments

Maximum loan amount determined by location of subject property

 You think interest rates will increase

You end up paying more in interest charges over the life of the loan

 You don't expect your income to increase significantly over the coming years

Benefits of the fixed rate are not realized until after the 10th year (10/1 ARM is a better option if loan is paid-off within 10 years)

 You need to qualify for the largest loan possible

Why choose this Pros Cons

 You want to own your home more quickly

 Reduces the mortgage term by 1/3

 Your monthly payment will be significantly higher than with a 30-year mortgage

 You want to retire debt free

 Save significant amount of money in interest payments

 You'll be retiring in less than 25 years

 You want to stay in your home once you retire

Why choose this Pros Cons

You want to own your home more quickly

Cuts the length of your mortgage in half

 Your monthly payment will be significantly higher than with a 30-year mortgage

 You want to retire debt-free

Save significant amount of money in interest payments

 You'll be retiring in less than 30 years

 You want to stay in your home once you retire

Why choose it Pros Cons

 You want to own your home more quickly

 Cut mortgage length by as much as 2/3

 Your monthly payment will be significantly higher than with a 30-year mortgage

 You want to retire debt free

 Save significant amount of money in interest payments

 You'll be retiring in less than 30 years

 You want to stay in your home once you retire

Why choose this Pros Cons

 Refinance amounts up to $417,000 or less

 Have equity in property and can afford accelerated payments

 Maximum loan amount is $417,000

 1-unit properties only

 Look to position yourselves financially before retirement

 1-unit properties only

 Low loan-to-value (LTV)

 Significant amount of savings in interest paid payments

 No Investment Manufactured Homes

Don't want to pay points or closing costs

 FICO (credit score) limitations

 Significantly larger payments

Why choose this Pros Cons
You need expanded options for qualifying income
Low down payment
Income limitation-not all members will be eligible
You need flexible credit qualifications
Flexible sources for funds for down payment and closing costs
Principal residences only (1-4 units)
If you have limited cash for a down payment
Flexibilities for income sources used to qualify

Need more information?

Just stop by your Neighborhood Financial Center, and we can answer your questions and help you find the loan that's right for you.

Make an Appointment

Ready to apply?

*Income limits may apply. Homeownership education at a cost of $75 (paid to Framework) required.   HomeReady is a trademark of Fannie Mae. Loans are subject to credit approval and other underwriting criteria.  Certain restrictions apply.  Home Loan programs, terms and conditions subject to change without notice.

**Offer effective with applications dated 4/15/2016, expiring 10/15/2016, and applies to purchase transactions only. The no-fee promotion does not currently apply to government (FHA, VA) loans.  Loans are subject to credit approval and other underwriting criteria, and not everybody will qualify. Certain restrictions apply. Home loan programs, terms and conditions are subject to change without notification.  BECU reserves the right to continue this offer indefinitely.