As the name implies, with a fixed rate mortgage, the interest rate is set at the time you take out the mortgage and remains constant over the life of the mortgage. The monthly payment level also remains constant. Knowing what your payment will be can be reassuring.
Each monthly payment consists of principal and interest. During the early years of your loan the majority of the mortgage payment goes to interest, in the later years the majority will go to principal.
See our Mortgage Financial Education Module for more information.
Features:
- 15-year, 20-year, and 30-year terms
- Bi-weekly Payments
- California properties: primary residences, second or vacation homes, 1-4 unit dwellings
- 90% Financing
- Jumbo loan amounts to $2,000,000
Additional information on the options:
Bi-Weekly Payments
If you are looking to pay off your mortgage principal faster and lower your total interest payments, our Bi-Weekly Payment option may be just right for you. Payments are due every 14 days as opposed to once a month. As each payment is applied more frequently, the Bi-Weekly Payment mortgage will be paid off sooner, resulting in significant interest savings over the life of the loan.
Up to 90% Financing
SMCU provides a variety of mortgage programs that cover up to 90% financing of your home. Just call (650) 363-1799 for more information.
Rates and terms subject to change without notice. Additional conditions may apply.
