Fixed Rate Mortage | Bay Equity Home Loans

Fixed-Rate Home Loans


The standard in mortgage lending, for a reason.

What is a fixed-rate mortgage?


A fixed-rate mortgage is a home loan where the interest rate stays the same for the life of the loan. Through a fixed-rate loan, homeowners gain long-term stability and predictable payments. That’s part of why fixed-rate mortgages have become the favored choice of most borrowers.

What are the benefits of a fixed-rate mortgage?


  • Your monthly mortgage payment stays the same throughout the life of the loan
  • No prepayment penalties if you refinance or sell
  • Nearly all government and conventional loan programs offer a fixed-rate term

How does a fixed rate mortgage work?


Lock in your rate

Interest rates on fixed-rate mortgages change all the time based on market trends.

How do I qualify for a fixed-rate mortgage?


Qualifying for a fixed-rate home loan is easier than you might think. Essentially, lenders calculate your income-to-debt ratio to gauge how efficiently you’d be able to pay off your loan. If they see that the numbers are doable, they’ll make it work for you.

Qualifying for a fixed-rate loan comes down to:

  • Good credit: anything higher than 720 is a good starting point for a conventional fixed rate, but there are also fixed-rate loans that require lower credit scores available from the FHA, VA and others
  • Employment history: lenders are looking for consistency
  • Monthly income: are you actually able to make the payments?