Fixed Rate Mortgage
Enjoy the assurance that your rate will always stay the same.
Features
A fixed-rate mortgage is a type of mortgage loan where the interest rate remains the same for the entire term of the loan. This means that the principal and interest portions of your payment will remain constant throughout the loan period. However, if there is a change in the cost of your homeowner's insurance or taxes, the total amount of your payment may increase or decrease accordingly.
- Fixed monthly principal and interest payment
- Finance up to 97% or 100% through First Time Home Buyers Program*
- Finance up to 97% or 100% through ECU 100 Mortgage
- 15-, 20-, and 30 -year fixed terms available
- No prepayment penalty
- Reduce your rate by paying discount points
*Certain restrictions apply. Example: 30-year fixed rate loan of $150,000 with a 5% down payment, an annual interest rate of 5.000%, and an APR of 5.425%, would result in 360 monthly principal and interest payment of $805.23. Payment does not include amounts for taxes and insurance premiums. The actual payment will be greater if taxes and insurance are included
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Rates
Term | Rate1 | APR2 | Points |
---|---|---|---|
15 Year Fixed | 6.125% | 6.433% | 1.000% |
30 Year Fixed | 6.625% | 6.815% | 1.000% |
Rates accurate as of November 14, 2024 and are subject to change.
All rates are subject to change without notice and will be based on your credit history, down payment amount, property type, loan purpose, etc.
1Rates are based on a purchase transaction with a 20% down payment.
2APR is based on $100,000 loan amount for an 80% LTV purchase and reflects any pre-paid finance charge.
Calculators
Purchasing or refinancing a home can be stressful, leaving you asking lots of questions! Should you buy or rent? Will refinancing save you money? How much will your monthly payment be? Check out our calculators designed to answer these questions and more!
Compare Mortgages
With so many choices, how do you know which loan is right for you?
See the chart below to see the unique features of each. For additional information, please give us a call at 800.999.2328.
Loan Type | Maximum Loan to Value | Term | Mortgage Insurance | Prepayment Penalty |
---|---|---|---|---|
Fixed & Adjustable Rate Mortgages | 97.00% | 15/20/30 year | Yes | No |
Federal Housing Administration (FHA) | 96.50% | 15/30 year | Yes | No |
USDA | 100.00% | 30 year | Yes | No |
First Time Home Buyers Program | 105.00% | 30 year | No | No |
ECU 100 Mortgage | 100.00% | 15/20/30 year | No | No |
Veterans Administration (VA) | 100.00% | 30 Year | Yes | No |
ECU Purchase Plus | 105.00% | 15/30 Year | No | No |
FAQs
A fixed-rate mortgage is the most common type of home loan. The interest rate remains the same for the life of the loan, so the principal and interest remain the same. Your monthly payments do not change unless property taxes, insurance premiums, or homeowners or condo association fees change.
The mortgageās term is the number of years you have to pay it. Some lenders offer a 30-year term, a 20-year term, or a 15-year term.
The advantage of having a 30-year term is that your monthly payments will be lower. However, you pay more total interest over the life of the loan than you would with a 15-year term, and your interest rate is higher with a 30-year term.
Homeowners who want a monthly principal and interest payment that will not change but be the same each month. Also, someone who plans to live in their home for many years would benefit from a fixed-rate mortgage.