Fixed Rate Mortgage

A fixed rate mortgage is a loan in which the interest rate is fixed for the life of the loan. Fixed rate mortgage loans usually offer a slightly higher initial interest rate than adjustable rate mortgage loans, but they provide predictable, fixed monthly principal and interest payments. This may make fixed rate loans more attractive to borrowers on a fixed income or to those who prefer not to take the interest rate risk associated with an adjustable rate mortgage.

Features

Why choose a fixed rate mortgage loan?

• Predictable, fixed monthly principal and interest payments
• No interest rate risk

Coastal offers a variety of fixed rate mortgage programs:

• 10, 15, 20 and 30 year terms are available
• Fixed rate mortgages are offered up to $1,000,000

For example, a 30 year fixed rate loan of $150,000 with a 20% down payment, an annual interest rate of 6.50%, and an APR of 6.54%, would result in 360 monthly principal and interest payments of $948.10.