Did you know that the fixed-rate mortgage is the most popular home loan on the market today?
APL Federal Credit Union offers competitive fixed-rate mortgages:
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10- to 40-year terms available
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Available for mortgage purchases and refinances
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Guaranteed rate locks of 45 days
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Available for primary and secondary residences (ie: vacation homes)
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Loan amounts from $75,000 to $1,000,000+
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No prepayment penalty
- Interest only options available
Mortgage payments are typically the combination of: Principal (P) + Interest (I) + Taxes (T) + Insurance (I) = Monthly Mortgage payment (PITI). The “fixed” interest rate loan guarantees the borrower the security of “fixed” Principal and Interest payment for the entire term of the loan. This formula is created to ensure the most consistent monthly payment -- with a full loan amortization at the end of the mortgage loan term.
It is important to note that while your monthly payments will be the most consistent with a “fixed-rate” mortgage, there will still be some fluctuation in your payments from year to year. Real Estate Taxes and Homeowners Insurance premiums vary annually, so your payments will change accordingly.
The fixed-rate mortgage offers many attractive benefits:
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Long-term peace of mind
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Consistent monthly payments
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Automatic principal reduction
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Flexible down payment requirements
Call or apply for a mortgage today!
