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Fixed Rate Loans

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Fixed Rate Loans

Predictable payments. Stable rate. Fixed Rate Loans can mean greater peace of mind.

The most common type of home loan is the fixed-rate mortgage. The interest rate remains the same for the life of the loan, so the principal and interest remain the same, too. This makes a fixed-rate mortgage a popular choice for homeowners who prefer a stable, budget-friendly monthly payment.

The Facts About Fixed Rate Loans:

What are Fixed Rate Loans?

A fixed-rate loan charges a set rate of interest that does not change throughout the life of the loan. Although the amount of principal and interest paid each month varies from payment to payment, the total payment remains the same, which makes budgeting easy for homeowners.

When it comes to Fixed Rate Loans, the overall interest you pay is higher on a longer-term loan than on a shorter-term loan. However, on a shorter-term loan, the monthly P&I payment is typically higher than on a longer-term loan.

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Benefits of Fixed Rate Loans

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No Interest Rate Surprises

With a fixed-rate mortgage, the interest rate won't change for the life of your loan, protecting you from the possibility of rising interest rates.

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Best Fixed Rate

Fixed Rate Loans may offer a lower interest rate and APR than other types of fixed-rate loans.

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Fewer Hoops

Fixed Rate Loans may require less documentation than FHA loans or VA loans, which could speed up the overall processing time.

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Refinancing Options

Conventional fixed-rate mortgages are available for refinancing your existing mortgage, too - and 15- and 20-year options are especially popular.

Check Your Eligibility for a Fixed Rate Loan

These are the requirements for getting a Fixed Rate home loan:

Your monthly debts, including the estimated cost of your new mortgage loan payments, should be less than 28% of your gross monthly income.

Your credit score will play an integral role in your approval and interest rate. Credit scores of at least 620 are required qualify for a 30-year mortgage loan.

Be prepared to showcase your employment history. We love to work with applicants who have worked at the same job for at least two years.

You’ll be required to put a down payment down on your new home. Be sure you have enough saved to put a sizable down payment down.

Your debt-to-income ratio is important when applying for a fixed rate mortgage. Be sure you fall within the acceptable range.

Get pre-qualified by contacting Galaxy Lending Group. This will help you determine how much you can afford.

Principal & Interest (P&I)

These are two of the main components of your monthly payment on a mortgage or home equity loan. The principal portion of your payment reduces your loan balance. The interest portion is your cost for the use of the principal for that month. If your mortgage loan payments also include property taxes and homeowner’s insurance (and mortgage insurance, if applicable), the monthly payment amount is referred to as PITI (Principal, Interest, Taxes, Insurance).

Interest-Rate Cap

An interest-rate cap places a limit on the amount your interest rate can increase.

Interest caps come in two versions:

  • Periodic caps, which limit the interest-rate increase from one adjustment period to the next
  • Lifetime caps, which limit the interest-rate increase over the life of the loan
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