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With a fixed-rate mortgage your interest rate won't change— no matter what happens in the economy.
CONFORMING/SUPER CONFORMING FIXED-RATE | 3% DOWN FIXED-RATE | TERMBUSTER | JUMBO FIXED-RATE | |
---|---|---|---|---|
TERM | 157, 2010, or 30-year8 | 30-year3 | 54, 75, or 10-year6 | 1511, 2012, or 30-year9 |
MAXIMUM LOAN AMOUNT (1-UNIT, SAN DIEGO) | $1,006,250 | $766,550 | $1,006,250 | $2,250,000 |
MAXIMUM LOAN AMOUNT (4-UNIT, SAN DIEGO) | $1,935,150 | N/A | N/A | N/A |
MINIMUM DOWN PAYMENT | As low as 5%1 depending on loan amount | 3% Down | Refinance only | As low as 5%2 depending on loan amount |
TRANSACTION TYPE | Purchase or Refinance | Purchase | Refinance | Purchase or Refinance |
PROPERTY USE | Owner occupied, 2nd home, Investment | Owner occupied | Owner occupied, 2nd home, Investment | Owner occupied, 2nd home, Investment |
PROPERTY TYPE | Single family, Condo, 2-4 unit | Single family, Condo | Single family, Condo, 2-4 unit | Single family, Condo |
MORTGAGE INSURANCE | Standard monthly premium | Standard monthly premium | Standard monthly premium | Standard monthly premium |
LENDER CLOSING COSTS | $0 out of pocket options | $0 out of pocket options | $0 out of pocket options, $2,500 lender credit, Seller credit allowed | $0 out of pocket options |
A fixed-rate mortgage is a type of home loan where the interest rate and payments remain the same for the life of the loan. Let's say you get a fixed-rate mortgage for 30 years. Your monthly payment will stay the same for the entire 30 years.8
Why is this important? Well, let's imagine if the interest rate wasn't fixed. That would mean your rate could go up or down and you wouldn't have much control over it. Your monthly mortgage payments could become unpredictable and possibly more costly if the interest rate goes up.
Are you aspiring to own a home, lower your current rate, or pay off your mortgage ahead of schedule? A fixed-rate mortgage may be the right choice for you. You should consider a fixed-rate mortgage if you're not planning to sell your home in the near future, or if you value stability and peace of mind in knowing that your monthly payment will remain consistent over the life of your loan.
Term | Rate | APR | Points |
---|---|---|---|
3% Down³ | 7.250% | 7.771% | 0.375% |
5-Year TermBuster⁴ | 6.000% | 6.001% | 0.000% |
7-Year TermBuster⁵ | 6.125% | 6.126% | 0.000% |
10-Year Termbuster⁶ | 6.250% | 6.251% | 0.000% |
15-Year Conforming⁷ | 6.125% | 6.311% | 0.375% |
30-Year Conforming⁸ | 6.875% | 6.955% | 0.000% |
30-Year Jumbo⁹ | 6.875% | 6.932% | 0.000% |
Our friendly home loan experts are here to help!
(858) 636-3045 Mon-Fri, 9am - 4pm
realestateloanofficer@10ybbs.com
A one-on-one call with a Mortgage Loan Officer can be extremely helpful. You can ask questions and even submit your application over the phone.
It's easy to get started with our secure, mobile-friendly application. Plus, you can always save your progress and pick up where you left off at a later time.
Our friendly home loan experts are here to help!
(858) 636-3045 Mon-Fri, 9am - 4pm
realestateloanofficer@10ybbs.com
A personalized preapproval letter shows sellers you’re a serious buyer. See what it takes to get preapproved in as little as 24 hours.
Having the right action plan can make buying a home a lot easier. Check out this helpful article with 8 tips for first-time home buyers.
APR= Annual Percentage Rate.
Have a question about your account, applying for a loan or perhaps you're ready to talk refinancing? Whatever your question or need, our Member Service Center is always happily available to walk you through every step of the process with your best interest at heart.
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ABA/Routing No: 322281578
NMLS ID# 407951