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Fixed-Rate Loans

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fixed-rate home loans

Rates as low as

APR Effective 4/17/2015*

3.274
%
APR

12 Year Fixed

Refinance Only - 12 Year No Fee

3.230
%
APR

15 Year Fixed

3.860
%
APR

30 Year Fixed

*See important information about rates, fees and other costs

great rates for the life of your loan

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.

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

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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.

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 it Pros Cons

If you have an existing Fannie Mae loan with an acceptable credit history, but due to declining home values have been unable to refinance.

Cuts the length of your mortgage in half

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

You want to refinance out of a higher interest rate

Save significant amount of money in interest payments

Cannot pay off any underlying liens (i.e., second mortgages). They need to remain in current second position

You have seen a decrease in your home value

Move to a more stable product. Level principal and interest payments for the full term of the loan

Cannot use this product to refinance an Interest-only loan or adjustable rate loan with a period of less than 5 years

You want to own your home more quickly

No risk that changing market conditions will increase your monthly payments

You want to retire debt-free

For loan-to-values of 97.01 to 105%

You'll be retiring in less than 20 years

You want to stay in your home once you retire

For loan-to-values of 97.01 to 105%

Why choose this Pros Cons

If you have an existing Fannie Mae loan with an acceptable credit history, but due to declining home values have been unable to refinance.

Cuts the length of your mortgage in half

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

You want to refinance out of a higher interest rate

Save significant amount of money in interest payments

Cannot pay off any underlying liens (i.e. second mortgages); they need to remain in current second position

You have seen a decrease in your home value

Move to a more stable product. Level principal and interest payments for the full term of the loan

Cannot use this product to refinance an Interest-only loan or adjustable rate loan with a period of less than 5 years

You want to own your home more quickly

No risk that changing market conditions will increase your monthly payments

You want to retire debt-free

For loan-to-values of 105.1% to 125%

You'll be retiring in less than 20 years

You want to stay in your home once you retire

For loan-to-values of 105.1% to 125%

Why choose this Pros Cons

If you have an existing Fannie Mae loan with an acceptable credit history, but due to declining home values have been unable to refinance.

Cuts the length of your mortgage in half

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

You want to refinance out of a higher interest rate

Save significant amount of money in interest payments

Cannot pay off any underlying liens (i.e. second mortgages); they need to remain in current second position

You have seen a decrease in your home value

Move to a more stable product; level principal and interest payments for the full term of the loan

Cannot use this product to refinance an Interest-only loan or adjustable rate loan with a period of less than 5 years

You want to own your home more quickly

No risk that changing market conditions will increase your monthly payments

You want to retire debt-free

For loan-to-values greater than 125%

You'll be retiring in less than 20 years

You want to stay in your home once you retire

For loan-to-values greater than 125%

Why choose this Pros Cons

If you have an existing Fannie Mae loan with an acceptable credit history, but due to declining home values have been unable to refinance.

Reduces the mortgage term by 1/3

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

You want to refinance out of a higher interest rate

Save significant amount of money in interest payments

Cannot pay off any underlying liens (i.e. second mortgages); they need to remain in current second position

You have seen a decrease in your home value

Move to more stable product. Level principal and interest payments for the full term of the loan

Cannot use this product to refinance an Interest-only loan or adjustable rate loan with a period of less than 5 years

You'll be retiring in less than 25 years

No risk that changing market conditions will increase your monthly payments

For loan-to-values of 97.01 to 105%

You want to stay in your home once you retire

For loan-to-values of 97.01 to 105%

For loan-to-values of 97.01 to 105%

Table Heading
Why choose this  Pros Cons

If you have an existing Fannie Mae loan with an acceptable credit history, but due to declining home values have been unable to refinance

Reduces the mortgage term by 1/3

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

You want to refinance out of a higher interest rate

Save significant amount of money in interest payments

Cannot pay off any underlying liens (i.e. second mortgages); they need to remain in current second position

You have seen a decrease in your home value

Move to more stable product. Level principal and interest payments for the full term of the loan

Cannot use this product to refinance an Interest-only loan or adjustable rate loan with a period of less than 5 years

You'll be retiring in less than 25 years

No risk that changing market conditions will increase your monthly payments

For loan-to-values of 105.1% to 125%

You want to stay in your home once you retire

For loan-to-values of 105.1% to 125%

For Loan-to-values of 105.1% to 125%

Why choose this Pros Cons

If you have an existing Fannie Mae loan with an acceptable credit history, but due to declining home values have been unable to refinance

Reduces the mortgage term by 1/3

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

You want to refinance out of a higher interest rate

Save significant amount of money in interest payments

Cannot pay off any underlying liens (i.e. second mortgages); they need to remain in current second position

You have seen a decrease in your home value

Move to more stable product; level principal and interest payments for the full term of the loan

Cannot use this product to refinance an Interest-only loan or adjustable rate loan with a period of less than 5 years

You'll be retiring in less than 25 years

No risk that changing market conditions will increase your monthly payments

For loan-to-values greater than 125%

You want to stay in your home once you retire

For loan-to-values greater than 125%

For loan-to-values greater than 125%

Why choose this Pros Cons

If you have an existing Fannie Mae loan with an acceptable credit history, but due to declining home values have been unable to refinance

Fixed rate of interest

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

You plan on staying in the home long-term

Move to more stable product; 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 want to refinance out of a higher interest rate

No risk that changing market conditions will increase your monthly payments

Cannot pay off any underlying liens (i.e. second mortgages); they need to remain in current second position

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

Cannot use this product to refinance an Interest-only loan or adjustable rate loan with a period of less than 5 years

You have seen a decrease in your home value

Why choose it Pros Cons

If you have an existing Fannie Mae loan with an acceptable credit history, but due to declining home values have been unable to refinance

Fixed rate of interest

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

You plan on staying in the home long-term

Move to more stable product; 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

Higher rate on first $500

You want to refinance out of a higher interest rate

No risk that changing market conditions will increase your monthly payments

Cannot pay off any underlying liens (i.e. second mortgages); they need to remain in current second position

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

Applicable for Refi Plus loans with LTV between 105.1% and 125%

Cannot use this product to refinance an Interest-only loan or adjustable rate loan with a period of less than 5 years

Free Bill Payment

You have seen a decrease in your home value

Applicable for Refi Plus loans with LTV between 105.1% and 125%

Applicable for Refi Plus loans with LTV between 105.1% and 125%

Why choose this Pros Cons

If you have an existing Fannie Mae loan with an acceptable credit history, but due to declining home values have been unable to refinance

Fixed rate of interest

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

You plan on staying in the home long-term

Move to more stable product; 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 want to refinance out of a higher interest rate

No risk that changing market conditions will increase your monthly payments

Cannot pay off any underlying liens (i.e. second mortgages); they need to remain in current second position

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

Applicable for Refi Plus loans with LTV greater than 125%

Cannot use this product to refinance an Interest-only loan or adjustable rate loan with a period of less than 5 years

You have seen a decrease in your home value

Applicable for Refi Plus loans with LTV greater than 125%

Applicable for Refi Plus loans with LTV greater than 125%

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.

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