|
|
 |
|
 |
 |
|
|
| |
| Fixed Rate Mortgage |
|
Fixed Rate Mortgage
While rates are low, a Fixed Rate is usually the best choice for borrowers, because the rate never changes during the entire term of the loan. Usually, the amortization (payment of principal and interest over time) is set so that equal monthly payments reduce the loan balance to zero over the full term. However, the payments might change if the payment is not a fully amortizing, fixed payment plan. Some alternatives are "temporary buy-down" mortgages that have a lower monthly payment in the beginning - - while the rate is fixed for the entire life of the loan - - and "graduated payment mortgages" that start low and increase steadily in small increments over time. Fixed rate/fixed payment mortgages offer the safest and most conservative option, if not always the lowest rate.
Term: 30 years
Maximum Amount: $417,000
|
 |
|
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.
|
|
|
|
|