Fixed Rate Home Loan

Fixed-Rate Home Loans

Lower rates and no origination fees on conventional fixed-rate or adjustable-rate mortgages.

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marcelle v., bellevue

Fixed-Rate Home Loan Rates as Low As

APR Effective 11/30/2021*

2.896
%
APR

12 Year Fixed No Fee

Refinance Only

3.125
%
APR

30 Year Fixed

3.280
%
APR

30 Year Fixed Refinance

*See important information about rates, fees and other costs

Features & Benefits

  • Predictable payments
  • No origination fees***
  • Loan amounts up to $548,250
  • Can be used on primary and secondary homes

Calculators

Why Choose a Fixed-Rate

  • You expect your income to remain the same in the coming years
  • You don't plan on moving for the foreseeable future
  • You want the security of fixed rates and payments that will only change if taxes and insurance change

Let's Take a Look at Your Options:

Fixed-rate loans are available for 10, 12, 15, 20, or 30-year terms. What's the best length for your situation? Here are some things to think about:

  • Total interest you want to pay over the term. The total cost of interest on a 30-year loan is higher than the interest cost of a shorter loan. With a 30-year loan, you have lower monthly payments, but a higher rate.
  • Your ability to make a higher monthly payment. With a shorter term you pay the loan off faster, but you need to be able to afford higher payments. A 10-15-20 year term will also save you thousands in interest over a 30-year loan.

Why choose this Pros Cons

You plan on staying in the home long-term

Fixed rate of interest

You end up paying more in interest charges over the life of the loan

You think interest rates will increase

Level principal and interest payments for the full term of the loan

Benefits of the fixed rate are not realized until after the 10th year

You don't expect your income to increase significantly over the coming years

No risk that changing market conditions will increase your monthly payments

You need to qualify for the largest loan possible

Why choose this Pros Cons

You want to own your home more quickly

Reduces the mortgage term by 1/3

Your monthly payment will be significantly higher than with a 30-year mortgage

You want to retire debt free

Save significant amount of money in interest payments

You'll be retiring in less than 25 years

You want to stay in your home once you retire

Why choose this Pros Cons

You want to own your home more quickly

Cuts the length of your mortgage in half

Your monthly payment will be significantly higher than with a 30-year mortgage

You want to retire debt-free

Save significant amount of money in interest payments

You'll be retiring in less than 30 years

You want to stay in your home once you retire

Why choose it Pros Cons

You want to own your home more quickly

Cut mortgage length by as much as 2/3

Your monthly payment will be significantly higher than with a 30-year mortgage

You want to retire debt free

Save significant amount of money in interest payments

You'll be retiring in less than 30 years

You want to stay in your home once you retire

Why choose this Pros Cons

Refinance amounts up to $548,250 or less

Have equity in property and can afford accelerated payments

Maximum loan amount is $548,250

1-unit properties only

Look to position yourselves financially before retirement

1-unit properties only

Low loan-to-value (LTV)

 Significant amount of savings in interest paid payments

Maximum of two non-owner occupied 12-Year No Fee loans per member

Don't want to pay points or closing costs

Less cash needed to close

FICO (credit score) limitations

Significantly larger payments

Why choose this Pros Cons

For loan amounts from $548,251 to $776,250 for one-unit properties, $702,001 to $993,750 for two-unit properties, depending upon location of property

Fixed rate of interest

Requires a minimum Representative Credit Score of 600

Level principal and interest payments for the full term of the loan

Only available for properties in California, Pennsylvania, and Washington

You plan on staying in the home long-term

No risk that changing market conditions will increase your monthly payments

Maximum loan amount determined by location of subject property

You think interest rates will increase

You end up paying more in interest charges over the life of the loan

You don't expect your income to increase significantly over the coming years

Benefits of the fixed rate are not realized until after the 10th year (10 Year ARM is a better option if loan is paid-off within 10 years)

You need to qualify for the largest loan possible

Pros

  • You want to purchase land now and build later 
  • You own land and want to refinance to lower your rate/payment only 
  • You own land and want to refinance to take cash out
  • Parcels up to 20 acres are eligible Purchase loan amounts up to $400,000 
  • Refinance loan amounts up to $100,000

Cons

  • Washington and Idaho state properties only 
  • No large structures or mobile homes allowed on the property 
  • There can be no construction of any sort in progress 
  • Cannot be used for commercial, agricultural, timberland, or farming

Why choose this Pros Cons
You need expanded options for qualifying income
Low down payment
Income limitation-not all members will be eligible
You need flexible credit qualifications
Flexible sources for funds for down payment and closing costs
Principal residences only (1-4 units)
If you have limited cash for a down payment
Flexibilities for income sources used to qualify

Need more information?

Just stop by your Neighborhood Financial Center, and we can answer your questions and help you find the loan that's right for you.

*The 0.25% 12-year no fee mortgage rate discount ends on 11/12/2021 and is eligible for primary residences only. To qualify for the 0.25% rate discount, borrowers must lock in their rate between 10/4/2021 and 11/12/2021.

**Income limits may apply. HomeReady is a trademark of Fannie Mae. Loans are subject to credit approval and other underwriting criteria. Certain restrictions apply. Home Loan programs, terms and conditions subject to change without notice.

***Offer applies to purchase and refinance transactions. Loans are subject to credit approval and other underwriting criteria, and not everybody will qualify. Certain restrictions apply. Home loan programs, terms and conditions are subject to change without notification. BECU reserves the right to terminate this offer at any time without notice. Boeing Employees' Credit Union NMLS ID 490518.