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Fixed Rate Overview
15 Year Fixed mortgages and 30 Year Fixed loans are the most popular loan types for buying a home and for refinancing a current mortgage.
Fixed Rate Benefits
Many borrowers choose a Fixed Rate loan to buy a home or refinance because of the Fixed Rate advantages:
- Affordable Payments: With terms from 10 to 30 years, you can choose how quickly you pay off your mortgage.
- Security: Particularly popular with first time home buyers, the security of a fixed rate loan is attractive to many borrowers. Even if current rates go up, yours won’t. You’ll have consistent monthly payments with no surprises, so you can plan your finances accordingly.
- Loan terms are straightforward and easy to understand
Fixed Rate Requirements
In order to get a Fixed Rate mortgage, you’ll need to go through a few simple steps. If you’re shopping for a home, the first thing most borrowers do is get preapproved for a loan.
Having a credit preapproval can:
- Save you time shopping for properties in your price range
- Create credibility with sellers by letting them know you’re qualified and serious
- Speed up the closing process and get your loan funded sooner
- Improve your experience in the home buying process
If you’re looking to refinance your mortgage with a Fixed Rate loan, you’ll want to have proof of income and copies of:
- Homeowner’s Insurance: Verify adequate coverage
- Proof of Income: Show past employment and income history
- Asset Information: Bank account statements, 401k, and other investment records
Fixed Rate Loan Options
15 Year Fixed Rate
15 Year Fixed Mortgage
Offering all the advantages of a 30 Year Fixed Rate mortgage, the 15 Year Fixed allows you to repay your mortgage in half the time of a 30 year term.
The shorter, 15 year term means you will:
- Have a lower interest rate than a 30 Year Fixed
- Pay less interest over the life of the loan since the loan is being paid off faster
- Build equity faster than in a 30 Year Fixed mortgage
The 15 Year Fixed is ideal for first time home buyers, move-up buyers, or for refinancing your current mortgage.
30 Year Fixed Rate
30 Year Fixed Mortgage
One of the most popular loan options, the 30 Year Fixed offers the security of a fixed rate plus an affordable payment. You will always know your monthly mortgage payment and you can budget accordingly.
30 Year Fixed Rate loans offer:
- Even more affordable payments than 15 year fixed loans
- Security of consistent payments
- Protection from inflation
Get a Rate Quote
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Corporate Office: 14511 Myford Road, Suite 100, Tustin, CA 92780.
We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one.
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