fixed-rate loans
Fixed-Rate Home Loan Rates as low as
APR Effective 6/21/2018*
4.534%APR
12 Year Fixed
Refinance Only - 12 Year No Fee
4.782%APR
30 Year Fixed
4.782%APR
30 Year Fixed Refinance
*See important information about rates, fees and other costs
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.
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 and refinance 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 $424,001 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 $424,000 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.
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 applies to purchase and refinance transactions. No origination fee offer valid through 12/31/2018. 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 terminate this offer at any time without notice. Boeing Employees' Credit Union NMLS ID 490518.