Fixed Rate Home Loan

Fixed-Rate Home Loan Rates as Low As

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.
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 10-15-20 year term will also save you thousands in interest over a 30-year loan.

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
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 $548,250 or less	Have equity in property and can afford accelerated payments	Maximum loan amount is $548,250
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	Maximum of two non-owner occupied 12-Year No Fee loans per member
Don't want to pay points or closing costs	Less cash needed to close	FICO (credit score) limitations
		Significantly larger payments

Why choose this	Pros	Cons
For loan amounts from $548,251 to $776,250 for one-unit properties, $702,001 to $993,750 for two-unit properties, depending upon location of property	Fixed rate of interest	Requires a minimum Representative Credit Score of 600
	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 Year 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 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