Conventional Loan
Conventional Loan Conventional mortgage loans (whether conforming or non-conforming) require a slightly higher down payment
Fixed-Rate Mortgage Loan
Make your financial future secure by opting for a fixed-rate mortgage loan. This type of mortgage loan can be a Conventional, FHA, VA, USDA or Jumbo mortgage loan. A fixed-rate mortgage loan guarantees that the interest rate associated with the loan will remain the same throughout the entire term of the mortgage, regardless of who is backing or insuring the loan.
Understanding Fixed-Rate Mortgage Loan
A fixed-rate mortgage is a type of home mortgage where the interest rate remains the same throughout the entire loan term, whether it is 10, 15, 20, 25, or 30 years. This protects homebuyers and homeowners from rising rates, providing them with predictability and stability in their mortgage payments. With Fairway, borrowers can choose the length of their loan term to fit their financial goals. The shorter the loan term, the higher the monthly mortgage payment will be, but the faster they will build equity in their home.
Key Features of Fixed-Rate Mortgages:
- Interest rate remains the same throughout the loan term
- Protects homebuyers and homeowners from rising rates
- Provides predictability and stability in mortgage payments
- Flexibility to choose loan term length (10, 15, 20, 25, or 30 years)
- Shorter loan term builds equity in the home faster
- Fairway also offers adjustable-rate mortgages (ARMs) with introductory rates lower than fixed-rate mortgages
Frequently Asked Questions
What Is a Fixed-Rate Mortgage?
A fixed-rate mortgage is a type of home mortgage in which the interest rate remains the same throughout the entire life of the loan, regardless of whether the loan has a traditional 30-year or 15-year term. The interest rate that you lock in at the time of your purchase will be the same rate you pay from your first payment until your last payment at the end of the loan term.
Fixed-rate mortgages provide protection to homebuyers and homeowners against rising interest rates. At Global Capital Advisors, we offer the flexibility of selecting the length of your loan term, including 10 years, 15 years, 20 years, 25 years, or 30 years, depending on the loan type. The shorter the loan term, the higher your monthly mortgage payment will be, but the faster you will build equity in your home.
Can I get a 7-year fixed-rate mortgage?
Global Capital Advisors offers fixed-rate loan terms of 10 years, 15 years, 20 years, 25 years, and 30 years, depending on the loan type.
What is a conforming fixed-rate mortgage loan?
A conforming fixed-rate mortgage loan is a type of conventional mortgage loan that meets the standards set by Government Sponsored Entities (GSE) Fannie Mae and/or Freddie Mac for insuring the loan.
What rates can I expect for a fixed-rate mortgage?
The interest rates for fixed-rate mortgages are subject to fluctuations based on various factors such as seasonal shifts, shifts in the US economy, and global events. However, compared to adjustable-rate mortgages, the introductory rate for a fixed-rate mortgage may be higher, but it will not be subject to fluctuations after the introductory period. We recommend consulting with a Global Capital mortgage advisor to get an accurate quote for your specific situation.
These are just a few common questions and answers about Fixed-Rate Mortgage Loan. If you have more specific questions, it’s always best to consult with your Globus Capital advisor who can guide you through the process.
*The appraised value of the property may influence the loan amount.
**Generally, cash from equity is tax-free. However, this information should not be considered as tax or financial planning advice. Consult a tax advisor for tax-related advice and a financial planner for guidance on improving your retirement plans. Emortgage capital is not associated with any government agencies. The materials presented here are not from HUD or FHA and have not been approved by HUD or a government agency. To be eligible for a reverse mortgage, borrowers must obtain a certificate by attending counseling sessions with a HUD-approved agency. The borrower must be at least 62 years old. Loan proceeds are not considered income and will not impact Social Security or Medicare benefits. However, your monthly reverse mortgage advances may affect your eligibility for certain other programs. Consult a local program office or an attorney to determine how, or if, monthly reverse mortgage payments could affect your specific situation. At the end of the reverse mortgage loan contract term, you may no longer own some or all of the equity in the property subject to the reverse mortgage, and you might need to sell or transfer the property to repay the reverse mortgage proceeds with interest from your assets. We will charge fees for origination, mortgage insurance, closing costs, or servicing for the reverse mortgage, which we will add to the loan balance. The reverse mortgage loan balance grows over time, and interest will be charged on the outstanding loan balance. You retain the title to the property subject to the reverse mortgage until you sell or transfer it, and you are responsible for paying property taxes, insurance, and maintenance. Failure to pay these amounts may cause the reverse mortgage loan to become due immediately. Interest on a reverse mortgage is not deductible on your income tax return until you repay all or part of the loan.
Craig Kaminski
NMLS #: 1417248
licensed by:
E Mortgage Capital, Inc. d/b/a E Mortgage Capital,
NMLS# 1416824
(www.nmlsconsumeracces.org)
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