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    A Conventional Fixed rate mortgage has an interest rate that is locked for the length of the loan. One of the most popular fixed rate mortgage terms is a 30-year fixed mortgage. However, there are other common loan lengths as well, such as 20-year, 15-year, and 10-year. Historically, the shorter the fixed term, the lower the interest rate. Conforming fixed-rate mortgages are available on a primary residence, a second or vacation home, and even an investment property.

    A Fixed-Rate Mortgage (FRM) Is A Mortgage Loan Where the Interest Rate on The Note Remains the Same Through the Term of The Loan, As Opposed to Loans Where the Interest Rate May Adjust Or “Float”. As A Result, Payment Amounts and The Duration of The Loan Are Fixed, and The Person Who Is Responsible for Paying Back the Loan Benefits from A Consistent, Single Payment and The Ability to Plan a Budget Based on This Fixed Cost.

    Other Forms of Mortgage Loans Include Interest Only mortgages, Graduated Payment mortgages, Variable Rate mortgages (Including Adjustable-Rate Mortgages and Tracker Mortgages), Negative Amortization Mortgages, And Balloon Payment mortgages. Unlike Many Other Loan Types, FRM Interest Payments and Loan Duration Is Fixed from Beginning to End.

    Fixed-Rate Mortgages Are Characterized by Amount of Loan, Interest Rate, Compounding Frequency, And Duration. With These Values, The Monthly Repayments Can Be Calculated.

    Fixed Rate Mortgage:

    With A Fixed Rate Mortgage, The Interest Rate Does Not Change for The Term of The Loan, So the Monthly Payment is Always the Same. Typically, The Shorter the Loan Period, The More Attractive the Interest Rate Will Be.

    Payments On Fixed-Rate Fully Amortizing Loans Are Calculated So That the Loan Is Paid in Full at The End of The Term. In The Early Amortization Period of The Mortgage, A Large Percentage of The Monthly Payment Pays the Interest on The Loan. As The Mortgage Is Paid Down, More of The Monthly Payment Is Applied Toward the Principal.

    A 30-Year Fixed Rate Mortgage Is the Most Popular Type of Loan When Borrowers Are Able to Lock into A Low Rate.

    Benefits:

    • Lower Monthly Payments Than A 15-Year Fixed Rate Mortgage
    • Interest Rate Does Not Go Up If Interest Rates Go Up
    • Payment Does Not Go Up, It Stays the Same For 30 Years
    • Lower Interest Rate
    • Build Equity Faster
    • If Interest Rates Go Up, Yours Is Fixed

    Drawbacks:

    • Higher Interest Rate Than A 15-Year Fixed Rate Mortgage
    • Interest Rate Stays the Same Even If Interest Rates Go Down
    • A 15-Year Fixed Rate Mortgage Allows You to Pay Off Your Loan Quicker and Lock into An Attractive Lower Interest Rate.
    • Higher Mo Interest Rate Stays the Same If Interest Rates Go Down
    • Interest Rate Stays the Same Even If Interest Rates Go Down

    Contact Us :

    Address :- 1307 W 6th St #219, Corona, CA 92882
    Phone : (951) 963-9399
    Email : loans@happyinvestmentsinc.com

    FAQ

    What's a mortgage APR?

    Your annual percentage rate, or APR, is one of the many costs that comes with a mortgage. While your mortgage’s interest rate is the annual cost to borrow money (expressed as a percentage), your APR takes other fees and charges into account.

    Your APR includes the loan’s interest rate, any mortgage points you purchase, and lender and broker fees. Looking at your APR can give you a picture of the true cost of your mortgage.

    A mortgage’s APR is usually more than its interest rate.

    What are mortgage fees?

    Charging fees is one way that lenders make money off mortgage loans. Mortgage fees should be listed on your closing documents and may include the following:

    Origination fee
    Application/processing/administrative fee
    Underwriting fee
    Points fee
    Appraisal fee
    Inspection fee
    Attorney review fee
    Private mortgage insurance
    Homeowners insurance
    Title search or insurance fees
    Survey fee
    Prepayment penalty

    What are different types of mortgage loans?

    The most common type of mortgage loan is a conventional loan. Other types are backed by the Federal Housing Administration or are from a special program such as the Veterans Administration or the USDA.

    Most mortgages are conventional, meaning they’re not part of any specific government program — though they’re still subject to federal mortgage laws. Conventional loans typically cost less than FHA loans, but it may be harder to qualify for a conventional loan.

    The FHA regulates and insures FHA loans, and private lenders make the loans. FHA loans allow you to borrow with a lower down payment and generally with lower credit scores. But you may be limited on how much you can borrow through an FHA mortgage.

    Special home loan programs are tailored for certain groups. For example, VA loans are for veterans, military service members or surviving spouses, while USDA loans are for lower- or middle-income borrowers in rural areas.

    What documents do I need for a mortgage?

    Each lender will have its own requirements for what documents to submit when applying for a mortgage. But here’s the info you’ll generally need to provide.

    A month’s worth of paystubs
    W-2s for the past two years
    Your federal income tax return for the past two tax years
    Proof of income
    Recent bank statements
    Proof of your down payment amount, such as a savings account statement
    Documentation of a name change (if you’ve recently changed your name)
    Identification, such as a driver’s license
    Your Social Security number
    A certificate of housing counseling or home-buyer education (if you have one)

    Will mortgage rates go down?

    It depends — mortgage rates are generally influenced by the prime rate. Many banks base their prime rates on the federal funds rate, which is the rate banks charge each other for short-term loans. When the Federal Reserve changes the federal funds rate, mortgage interest rates can react and go up or down.

    But a lower (or higher) prime rate doesn’t necessarily determine the mortgage rate you’ll qualify for. Your credit scores, the type of loan you’re seeking, the price of your home and how much down payment you can afford can also affect your mortgage rate.

    Residential, Commercial, Small Business & Hard Money Loans

    If you are an investor, borrower or a broker trying to get Private Hard Money Loans let us help you by explaining all of your options, and assist you in making a fully informed decision. Happy Investments Inc overriding focus is in satisfying the diverse loan and investment needs of the customers with honesty and integrity, and we do this by consistently providing quality products tailored to their unique needs. For more information, give Happy Investments Inc a call at (951) 963-9399.

    Residential, Commercial, Small Business & Hard Money Loans

    If you are an investor, borrower or a broker trying to get Private Hard Money Loans let us help you by explaining all of your options, and assist you in making a fully informed decision. Happy Investments Inc overriding focus is in satisfying the diverse loan and investment needs of the customers with honesty and integrity, and we do this by consistently providing quality products tailored to their unique needs. For more information, give Happy Investments Inc a call at (951) 963-9399.

    Residential, Commercial, Small Business & Hard Money Loans

    If you are an investor, borrower or a broker trying to get Private Hard Money Loans let us help you by explaining all of your options, and assist you in making a fully informed decision. Happy Investments Inc overriding focus is in satisfying the diverse loan and investment needs of the customers with honesty and integrity, and we do this by consistently providing quality products tailored to their unique needs. For more information, give Happy Investments Inc a call at (951) 963-9399.

    Residential, Commercial, Small Business & Hard Money Loans

    If you are an investor, borrower or a broker trying to get Private Hard Money Loans let us help you by explaining all of your options, and assist you in making a fully informed decision. Happy Investments Inc overriding focus is in satisfying the diverse loan and investment needs of the customers with honesty and integrity, and we do this by consistently providing quality products tailored to their unique needs. For more information, give Happy Investments Inc a call at (951) 963-9399.