Fixed Rate Loan

fixed

What is a Fixed Rate Loan?

Fixed rate mortgages allow you to keep the same interest rate for the entire life of your loan
Fixed rate mortgages are available in term lengths of 10, 15, 20, 25, or 30 years.
Generally fixed rate mortgages carry longer loan repayment terms and higher interest rates.
Fixed rate mortgages provide long-term security through predictable monthly mortgage payments throughout the life of the loan.

Who Should Consider a Fixed Rate Loan?

Interest rate and principal payment that will always remain the same.
This program is ideal for clients who expect to stay in their home for an extended period of time.
Fixed rate mortgages are also beneficial for clients who want the security of a steady and predictable payment.

Note:
Financed properties held in the name of an llc or other corporation can be excluded from the calculation of number of properties financed only in cases where the borrower is not personally obligated for the mortgage.

Multiple Properties Financed/Owned
The borrower may own a total of four (4) financed, 1-4 unit residential properties including their subject property and regardless of occupancy. All financed properties other than the subject property require 6 months of principal interest, taxes and insurance of reserves for each property. The borrower may have an unlimited number of properties owned but not financed.

Loan Restrictions (ineligible)
properties listed for sales within the last 6 months of application date are not eligible (refinances) or cash out refinances.