Fixed Rate Loans
Choose Stability
with a Fixed Rate Loan
Lock in your interest rate and enjoy predictable monthly payments with a Fixed Rate Loan from Green Arrow Mortgage. Whether you’re a first-time homebuyer or looking to refinance, our fixed rate options provide the security you need for long-term planning.
What is a Fixed Rate Loan?
Fixed Rate Loans offer borrowers a stable interest rate that remains unchanged for the entire life of the loan. This means your monthly payments will be consistent, making budgeting easier. Available in both 30-year and 15-year terms, these loans enable you to select the option that best fits your financial goals, whether you prefer lower monthly payments or want to build equity more quickly.
Fixed Rate Loan Requirements
Before applying for a Fixed Rate Loan, it’s important to understand the following requirements:
FHA Loans:
Eligible Properties:
You can use a Fixed Rate Loan to purchase a primary residence or refinance an existing mortgage. Investment properties and vacation homes are not eligible.
FHA Loans:
Down Payment:
While our Fixed Rate Loans allow for down payments as low as 3%, be prepared to cover this amount as well as any applicable closing costs.
FHA Loans:
Credit Profile:
Typically, a credit score of 620 or higher is required to qualify for a Fixed Rate Loan. A better score can improve your loan terms.
FHA Loans:
Debt-to-Income Ratio (DTI):
Your DTI should generally be less than 50%, ensuring that you have adequate income to comfortably manage your debt payments.
FHA Loans:
Steady Income:
You must provide documentation proving stable income, such as pay stubs, bank statements, or tax returns.
How to Apply for a Fixed Rate Loan with Green Arrow Mortgage
Applying for a Fixed Rate Loan with us is simple and efficient. You can complete the entire process online and receive support from our experienced Mortgage Loan Officers at any time.
1
Quick Pre-Qualification:
Discover the rates you qualify for in just minutes through our straightforward online pre-qualification process.2
Choose Your Fixed Rate Loan:
After pre-qualifying, select the fixed rate loan terms—30-year or 15-year—that best fit your financial objectives.3
Receive Your Funds:
Once your loan application is approved, we’ll fund your loan, bringing you one step closer to homeownership. Why Choose Green Arrow Mortgage for Your Fixed Rate Loan?
Stability with Fixed Interest Rates:
Enjoy peace of mind knowing that your interest rate will remain the same throughout the life of your loan, providing predictable monthly payments for budgeting.
Low Down Payment Options:
No Prepayment Penalties:
Flexible Qualification Requirements:
Dedicated Customer Support:
Variety of Loan Terms:
FAQs
Q: What is a Fixed Rate Loan and how does it work?
A: A Fixed Rate Loan is a mortgage where the interest rate remains constant throughout the life of the loan. This means your monthly payments will be predictable, making budgeting easier. Fixed Rate Loans can be used for purchasing a new home or refinancing an existing mortgage.
Q: What are the advantages of a Fixed Rate Loan?
A: Fixed Rate Loans offer several benefits, including stable monthly payments, a fixed interest rate for the entire loan term, and low down payment options. You also won’t face any prepayment penalties if you choose to pay off your mortgage early.
Q:Who qualifies for a Fixed Rate Loan?
A: To qualify for a Fixed Rate Loan, you typically need to meet the following criteria:
- A credit score of at least 620.
- A debt-to-income ratio (DTI) below 50%.
- Proof of steady income through documentation like pay stubs and bank statements.
Q:What is the minimum credit score required for a Fixed Rate Loan?
A: The minimum FICO score required for a Fixed Rate Loan with Green Arrow Mortgage is usually around 620.
Q: What terms are available for Fixed Rate Loans?
A: You can choose between 30-year and 15-year fixed rate loan options based on what best fits your financial goals and needs.
Get Started Today!
Ready to tap into your
home’s equity?
Call +1 832-8214441 to connect with our knowledgeable Home Loan Experts or start your application online today.
Learn More About FHA Loans
Considering refinancing your mortgage? Here are some helpful resources to get you started:
Ready to explore your refinancing
options?
Call xxx-xxx-xxxx to speak with our Mortgage
Loan Officers or pre-qualify online today.
Ready to explore your refinancing
options?
Call xxx-xxx-xxxx to speak with our Mortgage
Loan Officers or pre-qualify online today.
Ready to explore your refinancing
options?
Call xxx-xxx-xxxx to speak with our Mortgage
Loan Officers or pre-qualify online today.
