801.836.5277

Fixed Rate Mortgage

What is a fixed rate mortgage?

A fixed rate mortgage is the most common type of mortgage throughout the nation. Each month, the interest rate and monthly payment are the same. This provides a consistent monthly mortgage payment for the borrower. Usually, the mortgage lender collects property taxes, hazard insurance, and mortgage insurance along with the monthly payment. A change in taxes or insurance is the only condition that could change the monthly payment.

Terms of 10, 15, 20, and 30 years are available for fixed rate mortgages, with the 30-year being the most common. Pricing for the 30-year is based on the 10-year US Treasury bond. Fixed rate mortgage loans are available for:

• Conventional - <$359,650
• Jumbo A - >$359,650
• Investment Property Loan
• First Time Buyer Loan

  "Tip"

  Make "bi-weekly" payments or one extra payment per year- it will save you thousands of dollars!