30-Year Fixed Rate Home Loans
A mortgage that fits you:
These rates are current for , but ask us about a free rate lock.
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30-Year Fixed Mortgage Loans
Rate*:
4.750%
Origination: 1.0% Fee
APR*:
4.969
This rate became effective on:
11/19/2009
Notes: This is one of many programs we
offer. Please visit us or
contact a mortgage
specialist to see if it's perfect
for you. You can also apply
on line right now.
Best Choice If:
- You plan on staying in the home long-term
- You think interest rates will increase
- You don’t expect your income to increase significantly over the coming years
- You need to qualify for the largest loan possible
Advantages:
- Fixed rate of interest
- Level principal and interest payments for the full term of the loan
- No risk that changing market conditions will increase your monthly payments
- Avoid potential volatility of an Adjustable Rate Mortgage (ARM)
Disadvantages:
- You may end up paying more in interest charges over the life of the loan
than an ARM.
- Benefits of the fixed rate are not realized until after the 10th year (10/1
ARM is a better option if the loan is paid-off within 10 years)
*Annual Percentage Rate. Rates and fees
will vary depending on the terms of the loan. APR calculation is based on a
$100,000.00 loan amount, with a 1.00% loan origination fee (1.50% for manufactured
homes), at 80% Loan to Value (75% for Investment Properties) and based
on a 740 FICO score. Loan programs and rates are subject to change without notice.
Rates listed are those that are offered to consumers with "good" credit
characteristics and terms may vary based on the credit worthiness of the individual.
Rates and terms may be affected by the loan's purpose, amount financed, or by the
type of property.
**Northwest Community is providing
information about the First-Time Home Buyer Tax Credit for general awareness only and
not as legal or tax advice. Before you make any decisions, speak with a professional
legal or tax consultant to see how this credit would work in your particular situation.
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This is the most "traditional" type of loan
This program maintains its original interest rate throughout the entire life of the loan.
(Any change in monthly payments will be due to changes in insurance rates or taxes that
naturally occur over time.) Fluctuations in market rates won’t have any impact on the
amount of interest you pay because your rate is "fixed" in place.
A Fixed Rate Mortgage loan may be a good choice if you don’t expect your income to
increase significantly. Fixed rate mortgages come in 10, 15, 20, and 30-year
terms. When you determine the term (length) of your loan, you may want to consider
the total amount of interest you want to pay over the course of your loan. For
example, the total cost of a 30-year loan is higher than the total cost of a 20-year loan.
With longer terms, you do trade lower payments for a greater number of monthly payments.
(It takes about 22.5 years to pay off half the borrowed principal for a 30-year loan.)
Your ability to make high monthly payments could let you reduce the number of months you
have to pay. Choosing a 15-year term will save you thousands in interest charges
versus the typical 30 years. Of course, you can take a 30-year term (so you don't
lock yourself into higher monthly payments), but add in extra payments to pay it off early.
By paying extra each month towards the principal, you can save thousands of dollars.
See our calculator for the
benefits of early pay-off here.