A fixed rate mortgage is the most popular mortgage because your interest rate and monthly payments will remain the same for the entire life of your mortgage loan. This makes a fixed rate mortgage stable and predictable keeping your mortgage expenses consistent.

The team at Integrated Lending Group can help you find a California home loan that gives you the peace of mind of regular, predictable payments.

During the early amortization period, a large percentage of the monthly payment is used for paying the interest. As the mortgage loan is paid down, more of the monthly payment is applied to principal.  Ask your Integrated Lending Group mortgage professional for an amortization table to know exactly how the payment is being applied.

A fixed rate loans allow you to avoid the risk of rising interest rates. Meaning, the rate you start with upon origination of the loan is the rate you have for the duration of the loan no matter what the Federal Reserve does.  Fixed rate mortgages are offered in a variety of terms: 30, 20 and 15 years being the most common.

Types of Fixed Rate mortgages:

• 10 year term
• 15 year term
• 20 year term
• 25 year term
• 30 year term

The 10 and 15 year term usually has an interest rate of about 1/2 point lower than the 20 and 30 year term.

Qualifying for a Fixed Rate refinance:

• Typically a 620 or higher credit score
• A debt ratio of 50% or less based on gross income
• A Loan To Value (LTV) of up to 95% upon completion of the Refinance

Documents Typically needed for a Fixed Rate refinance:

• Your most recent W2 form
• One month paycheck stubs
• Two most recent bank statements
• If you’re self employed, tax returns and some business information may also be needed

With today’s technology and automation sometimes these typical documents are no longer needed.  Your Integrated Lending Group mortgage loan professional will guide you to make the process as efficient and transparent as possible.