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Rates and How It Works
With a fixed-rate loan, your interest rate won't change and your monthly principal and interest payments will stay the same over the life of your loan.
With an adjustable rate loan, your interest rate is fixed for the first 5, 7 or 10 years (depending on your term) and may adjust every 12 months based on current market rates after that. You'll likely have a lower interest rate and APR for the initial period of an adjustable rate loan than you would with a fixed rate loan.
Your rate is based on today's mortgage rates and current housing market, but we also factor in your credit score, property location, loan amount, type and term to get you a personalized, up-to-date rate.
This is when we guarantee a certain interest rate, at a certain price, for a specific amount of time. This provides peace of mind if rates rise during the loan application process.
Also known as "discount points", this is an upfront fee, calculated as a percentage of your total loan amount, and is paid directly to the lender at closing in exchange for a reduced interest rate. You have the option to choose the number of points and how many you buy when discussing rate options with your loan expert.
The interest rate is the rate of interest charged on a home loan and can be fixed or variable (adjustable), depending on which loan you choose.
The APR is a measure of the cost to you for borrowing money, the APR includes your interest rate, points, fees and other charges associated with your loan – that's why it's usually higher than your interest rate.
