Home Loan Programs

Fixed Rate Loans

Quick Facts

  • Purchase & Refinance
  • Can Eliminate Mortgage Insurance
  • Interest Rate Does Not Fluctuate
  • Variety of Terms

Looking for your mortgage payment to be the same every month? Then a fixed rate loan, may be right for you. A fixed-rate mortgage loan provides you with the security of having the same interest rate over the life of the loan

Fixed rate loans come in a variety of loan terms, including 15, 20, and 30 year terms. The monthly principal and interest payments will be predictable, which makes it easy to budget every month. May be a good choice if you plan to stay in your home for a long time.

Feel at ease from rising interest rates for the life of the loan, no matter how high interest rates go.

Frequently Asked Questions

1Does OVM Financial offer fixed rate loan programs?
Absolutely. OVM Financial offers a wide variety of fixed rate loan products.
2What is the difference between a fixed rate loan an adjustable rate loan?
With a fixed rate mortgage, the interest rate is set when you take out the loan and will not change. With an adjustable rate mortgage (ARM), the interest rate may go up or down.
3Should I get a fixed rate loan or an ARM?
Consider factors such as the length of time you plan to stay in your home. If you plan to stay in your home for a long period of time, a fixed-rate may be better for you. Otherwise, an adjustable-rate might be better if you plan to sell your home before the rate becomes variable, since initial ARM rates are typically lower than fixed-rate mortgages.

Loan Program Resources



Download Fixed Rate Loan Fact Sheet

Download Loan Fact Sheet

Calculator

Home Value $
Monthly
Total
Downpayment (%)
0%
Loan Term (yrs)
30
Interest Rate (%)
1.5%