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Fixed-Rate Mortgage Loan

For people who like to know exactly what's coming.

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Because life throws enough curveballs!

If you’re the kind of person who likes to dot your i’s with love hearts and cross your t’s with a feathery flourish, then you’ll probably enjoy knowing how much your mortgage payment is going to be each month. (And you probably pay it early, too.)

The Details

A fixed-rate mortgage loan means you get to lock in an interest rate for your entire loan term – so your monthly payment always stays the same. No taking your chances on the moody markets. No sudden hikes. No nasty surprises.

Yes, having a fixed rate means that sometimes your rate might be higher than the going market rates and you’ll peer enviously over the fence at the greener grass. But sometimes your rate will be lower than market rates, too! Believe us when we say the difference will all come out in the wash. Meanwhile, you’ll have peace of mind because you know what the future will bring.

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Competitive, Fixed Rate

We’ll offer you a great rate and you’ll be able to keep it all the while until you’re mortgage-free.

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No Rollercoaster Ride

The markets are unpredictable and you may win or lose. Avoid the heartache with a fixed-rate loan.

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Easy Budgeting

You can plan around your mortgage payment and always know what’s leftover for a vacay or brunch.

Fixed-Rate Mortgage Loan Rates

Fixed Mortgage Loans

Mortgage Type

Rate as low as

APR

Monthly Payment1

Rates updated 11/22/2022.

1Payments listed are for principal and interest only.

Low down payment purchase options available including VA, FHA, and Conventional loans! Many other options available for investment properties. Call for information and pricing. Rates and payments listed above are based on a rate and term refinance on an SFR, with a $500,000 loan amount, a 720 FICO score, a 60% LTV ratio, and <40% DTI ratio. Rates subject to change daily. Files are underwritten on a case by case basis. All applications are subject to credit, income, asset, and property approval. Tax and insurance impounds are available and are required on some scenarios. Property insurance is required on all financed properties. Maximum loan limits apply.

Additional programs and rates available, call for info.

Mortgage Type

Conventional 30 year fixed

Rate as low as

6.375%

APR

6.498%

Monthly Payment1

$3,119.35

Mortgage Type

Conventional 15 year fixed

Rate as low as

5.750%

APR

5.949%

Monthly Payment1

$4,152.05

Here's what you'll need to sleep easy at night:

Did you know a 30-year fixed-rate mortgage loan is the most popular type of home loan? So you’ll be in good company when you go to work gathering your most recent or current versions of these documents:

  • Photo ID and proof of address (don’t worry, we won’t show up to borrow a cup of sugar)
  • Bank statements and proof of any other assets (if you’ve got it, flaunt it!)
  • Tax returns (we know you’re the kind of person who has them all in order)
  • Pay stubs, W-2s, 1099s so we can help you get the right monthly payment for your income
  • Gift letters if you’re lucky enough to have help with your down payment
  • Evidence of your renting history (or previous homeownership if you’re looking to level up)   
  • Credit history – we’ll ask FICO for your report and we suggest you find out where you’re at, too

Just follow our fixed-rate loan process to success

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Go to town gathering all the documents and information mentioned above.

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Apply online, over the phone, or in-branch – whichever method floats your boat.

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We’ll take a look at your application (looking for all those dotted i’s and crossed t’s).

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Let’s say you’re pre-approved – we’ll offer you our best rate and an ideal loan amount.

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You can now begin your search for a beautiful home, with hard data about your perfect price range.

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You put in offers until the stars align and your offer is accepted, then we’ll guide you through closing!

2 great payment options, the choice is yours!

  • Payroll Deduction

    If you have a loan with the credit union, payroll deduction is a convenient way to have your loan payments automatically deducted from your paycheck.

    To find out if you’re eligible for payroll deduction, contact your employer’s benefits department. If you already have payroll deduction set up with the credit union and want to set up automatic loan payments, call us at (818) 238-2900.

  • Automatic Transfers

    Automate transfer allow members to transfer funds within UMe accounts on a recurring schedule.

    You can set up an automatic transfer to make your loan payment, so you won’t have to think about it each month.

    To set up an automatic transfer, fill out our Share to Loan Transfer Form or give us a call at (818) 238-2900.

Fixed-Rate Mortgage Loan FAQs

A fixed-rate home loan is just how it sounds – you get the same annual percentage rate (APR) through the life of your loan until it’s paid off in full and you’re mortgage-free! (Or you sell up or refinance, but that’s another story.)

Having a fixed rate means your monthly mortgage payment stays the same through your term, too. So while market interest rates may go up and down, you’ll stay steady on course with the rate you got when you bought your home.

An adjustable-rate mortgage (ARM) gets a fixed rate only at the start of the term. Let’s say, for the first five years. Then, once that initial period is up, the rate starts blowing with the wind, the moon, and the tides. So your monthly payment may go up and down, too.

Both types of home loans have their pros and cons and the answer depends a little on your financial situation and a little on your personality.

  • Choose a fixed-rate mortgage if you want the security of always knowing what your rate and monthly payment will be (and you don’t mind that your rate may sometimes be higher or lower than the going market rate).
  • Choose an ARM if you think you’ll have more income in a few years so you want a lower, fixed rate right now to help you get off to a good start (and you don’t mind when your rate and payment start adjusting).

That’s a great question because you and your rate are basically getting married, right? So here’s what you need to know about the rate you’ll get – and what you can do to make sure it’s the best possible.

Rates are based on credit scores and something fancy called creditworthiness. The better your credit score, the lower your rate. To improve your credit, you can:

  • Pay down your credit cards and other debt through a debt consolidation loan or tight budgeting.
  • Always pay on time because it takes many months to undo the damage caused by one missed payment.
  • Try to use less than 30% of your available credit across all sources, and never max out a credit card or line of credit.
  • Just like eating all the major food groups, you want to have a healthy mix of credit types: credit cards, personal loans, auto loans, etc.
  • Keep your accounts open for as long as possible, even with a zero balance because the FICO wizards love a person who can stay the course.

Yes, actually, there is! Another important point about mortgage rates is that they are different depending on the loan term you choose. Here’s how it works:

  • Shorter terms get lower rates so you’ll pay less interest each month and less total interest over the life of the loan (but your monthly payment will be higher).
  • Longer terms get higher rates so you’ll pay more interest – but your monthly payment will be more affordable.

Why do shorter terms get lower rates, you ask? Well, it’s not rocket science but it’s not the ABCs, either. The reason is friendly lenders (like us!) figure we’re taking on less risk over a shorter period. After all, a lot can happen in 30 years! They barely even had the internet 30 years ago!

Let's open the door to the possibilities!

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