Fixed-Rate Home Loans
What is a fixed-rate mortgage?
A fixed-rate mortgage is a home loan where the interest rate stays the same for the life of the loan. Through a fixed-rate loan, homeowners gain long-term stability and predictable payments. That’s part of why fixed-rate mortgages have become the favored choice of most borrowers.
What are the benefits of a fixed-rate mortgage?
- Your monthly mortgage payment stays the same throughout the life of the loan
- No prepayment penalties if you refinance or sell
- Nearly all government and conventional loan programs offer a fixed-rate term
How does a fixed rate mortgage work?
Lock in your rate
Interest rates on fixed-rate mortgages change all the time based on market trends.
How do I qualify for a fixed-rate mortgage?
Qualifying for a fixed-rate home loan is easier than you might think. Essentially, lenders calculate your income-to-debt ratio to gauge how efficiently you’d be able to pay off your loan. If they see that the numbers are doable, they’ll make it work for you.
Qualifying for a fixed-rate loan comes down to:
- Good credit: anything higher than 720 is a good starting point for a conventional fixed rate, but there are also fixed-rate loans that require lower credit scores available from the FHA, VA and others
- Employment history: lenders are looking for consistency
- Monthly income: are you actually able to make the payments?
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