Elmira Savings Bank | Fixed Rate Mortgage
Fixed Rate Mortgage

What Is A Fixed Rate Mortgage?
As its name implies, a fixed rate mortgage is one where the interest rate on your home loan remains the same throughout its duration. This differs from a loan where the interest rate may change over time, such as an adjustable rate mortgage. Fixed rate mortgages are the most popular form of home mortgage in the United States largely due to the appeal of a consistent mortgage payment amount over the life of the mortgage.
 
In many instances, fixed rate mortgages have higher mortgage payments than adjustable rate mortgages. This is most often because the interest rate remains unchanged for the duration of the loan. Typically, mortgages with longer terms will have a higher interest rate than mortgages with shorter terms due to interest rate risk, or the possibility of fluctuating interest rates. This is an update.

Fixed Rate Mortgage Benefits
The biggest benefit of a fixed rate mortgage is the fact that the interest rate does not change over time. This allows you to budget your finances and make a consistent, fixed payment over the duration of your mortgage.
 
Fixed rate mortgages allow you to lock in an interest rate and principal payment for the entire life of your loan. Your rate and principal payment never increase, even if the market changes – giving you peace of mind. 

Other benefits include:

  • Competitive interest rates
  • Locked interest rate for the life of your mortgage
  • Easier-to-understand loan terms and paperwork

Get Pre-Qualified For A Fixed Rate Mortgage
With flexible options, program expertise, and superior service, we’ll work with you from application to close to ensure a smooth loan process and create a loan program that meets your financial needs and goals. Start your secure online Mortgage Application now!


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Elmira Savings Bank is an approved Seller/Servicer of Freddie Mac, FHA/Department of Housing & Urban Development, VA, USDA, and SONYMA (NY Only). Elmira Savings Bank is an Equal Housing Lender committed to ensuring every applicant for credit receive fair and equal treatment throughout the credit application and approval process, as embodied in the Equal Credit Opportunity Act and the Fair Housing Act. All mortgage lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.

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