A Fixed-Rate Home Loan maintains its original interest rate throughout the entire life of the loan. Fluctuations in market rates over the term of your loan won't impact the amount of interest you pay because your interest rate is already "fixed." Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time. A Fixed-Rate Home Loan may be a good choice if you want:
A Fixed-Rate Home Loan could also be a good option if you don't expect your income to increase significantly in the coming years or if you're purchasing a primary or secondary home.
* To learn more about our loan products with loan amounts up to $3M, please see Jumbo Loans.
Types of Loan Terms
Fixed-Rate Home Loans come in various terms such as 10, 15, 20 or 30 years. When determining the length of your loan, you may want to consider the total amount of interest you want to pay over the course of your loan and your desired monthly payment.
For instance, you'll pay more in interest over time on a 30-year loan, but your monthly payments will be lower. With a 10- or 15-yearloan, you'll have higher monthly payments, but you'll pay less total interest over the course of your loan.
For more information about BECU mortgage rates, you can review our rate sheet or connect with a BECU mortgage advisor to find answers to your questions.
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. Boeing Employees' Credit Union NMLS ID 490518.