When you’re looking for stability and predictability in your home loan, it’s hard to beat a fixed rate mortgage. Not only does the interest rate remain the same throughout the life of the loan, you’ll be able to pay it off early without penalty, too!
Fixed Rate Mortgages
What is a Fixed Rate Mortgage?
A fixed rate mortgage is a type of home loan with a specific interest rate for the entire term of the loan. This type of mortgage usually gives borrowers a variety of term length options, and the homeowner’s monthly payments will be the same month-to-month.
A fixed rate mortgage is the most common type of mortgage on the market, and it is right for a wide variety of borrowers, from first-time homeowners to experienced buyers due to its predictability and stability. One of the biggest advantages of a fixed rate mortgage is that it makes it easier for homeowners to budget their monthly mortgage payments while protecting the homeowner from interest rate and market fluctuations.
Loan Amounts
Loan amounts are up to $766,550 for a conforming loan in 2024, and a jumbo loan will be needed for amounts above that.
Interest Rates
Fixed interest rate that will not change over the life of the loan.
Repayment Terms
Choose from terms up to 30 years.
Down Payment
Loans are available with as little as 3% down.
Property Type
Fixed rate mortgages are available for most types of properties, from primary residences, second and vacation homes and investment properties.
Eligibility
Fixed rate mortgages are available to new homebuyers and homeowners refinancing anywhere in Nevada and California.
Greater Nevada Mortgage offers competitive fixed mortgage rates for homebuyers and homeowners wanting to refinance throughout Nevada and California.
Pros and Cons of a Fixed Rate Mortgage
- Consistent interest rate and fixed monthly payment for the life of the loan
- Variety of term lengths available, including shorter terms for borrowers who want to own their home quicker
- No prepayment penalty
- May pay a higher interest rate versus the initial adjustable rate (ARM) loan rate
- Typically higher down payment requirements than other options
Everyone Deserves a Home
According to the National Institute to End Homelessness, over 7,600 Nevadans experience homelessness on any given day, with nearly 20% being children and teens. Our Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, which has resulted in $190,000 donated since launching in 2021.
Ready to Explore a Fixed Rate Mortgage for Your Needs?
Follow these three easy steps listed below to turn your homeownership dreams into reality.
Calculate What You Can Afford
See how much you can afford to borrow on your home purchase with our mortgage calculator.
Submit Your Application
It’s quick. It’s easy. It’s online. Plus, we have a mortgage documents checklist so you know what information to gather.
Let’s Chat
All your home loan questions are answered by your dedicated Mortgage Consultant and their team as you learn about what options work best for your goals.
APR = Annual Percentage Rate. APR is the cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees.
Rates and terms are subject to change without notice. Rates are for illustrative purposes only, and assumes a borrower with a credit score of 700 or higher which may be higher or lower than your individual credit score. Adjustable Rate Mortgage (ARM) loans are subject to interest rate, APR, and payment increase after each change period. For instance, a 5/5 ARM means that you will pay a fixed rate for the first five years of the loan, and then your rate is subject to change once every five years thereafter through the remainder of the loan. Interest rates and APRs are based on current market rates, and may be subject to pricing add-ons related to property type, loan amount, loan-to-value, credit score and other variables. Depending on loan guidelines, mortgage insurance may be required. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing. The estimated total closing costs in these rate scenarios are not a substitute for a Loan Estimate, which includes an estimate of closing costs, which you will receive once you apply for a loan. Actual fees, costs and monthly payment on your specific loan transaction may vary, and may include city, county or other additional fees and costs. Not all loan options are available in every state. Borrower is responsible for any property taxes as a condition of the loan. Membership with Greater Nevada Credit Union is required for select loan options. This is not a credit decision or a commitment to lend.
Please contact a Mortgage Consultant to learn about all details on loan options and programs available. You may contact one directly, or call Greater Nevada Mortgage at 775-888-6999 or 800-526-6999. We do business in accordance with the Federal Fair Housing Law and the Equal Opportunity Act, and the California Fair Employment and Housing Act.