Fixed Interest Rate Loan

There’s nothing like security, especially when it comes to your home. Homestead Financial Mortgage fixed rate products allow you the comfort of a product with a payment that will never change. In changing times, its nice to know your mortgage payment won’t. Over the life of the loan, a fixed interest rate mortgage retains the same interest rate and principal payments. Essentially, the principal and interest portion of your monthly mortgage payment will stay the same. Since fixed interest rate loans offer you more stability, a fixed rate loan may have a higher interest rate than an adjustable rate loan. If you are looking to take out a loan which will be less than $417,000, a Conforming Loan will most likely be right for you. If you are looking to take out a loan which will be more than $417,000, a Jumbo Loan will most likely be right for you.

Conditions that may accompany the use of this loan:

• You have consistent and dependable income
• You are comfortable paying a slightly higher interest rate in exchange for stability of a fixed monthly payment
• You have plans to stay in a new home longer than 7 years
• You prefer the security of a fixed principal/interest payment over one that changes periodically

30 Year Fixed Rate Home Loan

• Lowest monthly payment of the fixed rate loan choices
• Keeps home loan payments affordable by extending them over a long period of time
• Provides maximum tax-deductible interest (ask your tax advisor)

20 Year Fixed Rate Home Loan

• Helps you pay off your home faster and build equity quicker than 30 year home loan
• Has a lower interest rate than a 30-year loan (but higher monthly payments)
• Saves considerable money on total interest paid over the life of your loan

15 Year Fixed Rate Home Loan

• The lowest rate of the fixed rate products
• Saves considerable money on total interest paid over the life of your loan
• Builds equity in your home faster

Want to further explore fixed rate home loans?

Amortization Calculator — shows you how much of your payment goes to interest and principal on a monthly basis over the years

 

I cannot thank Homestead Financial enough. They helped my husband and I to secure a loan or our first house. Their knowledgeable staff helped us to navigate the entire loan process from the beginning to the closing date, and made it all easy for us to do. We got a really good rate and were treated like valued customers – and not just another anonymous set of names and numbers.

Thank you again for all of your help,

Michelle & Matt R.
Creve Coeur, MO