A Fixed-Rate Home Loan maintains its original interest rate throughout the entire life of the loan. Fluctuations in market rates over the term of your loan won't impact the amount of interest you pay because your interest rate is already "fixed." Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time. A Fixed-Rate Home Loan may be a good choice if you want:
- Predictable payments over the course of your loan.
- No origination fee.
- A loan amount up to $766,550.*
- To stay in this home for several years.
A Fixed-Rate Home Loan could also be a good option if you don't expect your income to increase significantly in the coming years or if you're purchasing a primary or secondary home.
*To learn more about our loan products with loan amounts up to $3M, please see Jumbo Loans.
Types of Loan Terms
Fixed-Rate Home Loans come in various terms such as 10, 15, 20 or 30 years. When determining the length of your loan, you may want to consider the total amount of interest you want to pay over the course of your loan and your desired monthly payment.
For instance, you'll pay more in interest over time on a 30-year loan, but your monthly payments will be lower. With a 10- or 15-yearloan, you'll have higher monthly payments, but you'll pay less total interest over the course of your loan.
For more information about BECU mortgage rates, you can review our rate sheet or connect with a BECU mortgage advisor to find answers to your questions.
Loans are subject to credit approval and other underwriting criteria, and not everybody will qualify. Certain restrictions apply. Home loan programs, terms and conditions are subject to change without notification. Boeing Employees' Credit Union NMLS ID 490518.
30 Year Fixed High-balance Loan
| Best Choice If:For loan amounts from $766,551 to $1,149,825 for one-unit properties, $981,501 to $1,472,250 for two-unit properties, depending upon location of subject property.
The property you intend to purchase is in California, Idaho, Pennsylvania, or Washington.
You plan on staying in the home long-term.
You think interest rates will increase.
You don't expect your income to increase significantly over the coming years.
You need to qualify for the largest loan possible. | Advantages:Fixed rate of interest.
Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments. | Disadvantages:Due to lending regulations, only available for properties in California, Idaho, Pennsylvania, and Washington.
Maximum loan amount determined by location of subject property.
You end up paying more in interest charges over the life of the loan.
Benefits of the fixed rate are not realized until after the 10th year. |
30 Year Fixed
| Best Choice If:You plan on staying in the home long-term.
You think interest rates will increase.
You don't expect your income to increase significantly over the coming years. | Advantages:Flexible down payment options, including as low as 3% for first-time buyers.
Fixed rate of interest.
Level principal and interest payments for the full term of the loan.
No risk that changing market conditions will increase your monthly payments. | Disadvantages:You end up paying more in interest charges over the life of the loan.
Benefits of the fixed rate are not realized until after the 10th year. |
20 Year Fixed
| Best Choice If:You want to own your home more quickly.
You want to retire debt free.
You'll be retiring in less than 25 years.
You want to stay in your home once you retire. | Advantages:Flexible down payment options, including as low as 3% for first-time buyers.
Reduces the mortgage term by one-third.
Save significant amount of money in interest payments. | Disadvantages:Your monthly payment will be significantly higher than with a 30-year mortgage. |
15 Year Fixed
| Best Choice If:You want to own your home more quickly.
You want to retire debt-free.
You'll be retiring in less than 30 years.
You want to stay in your home once you retire. | Advantages:Flexible down payment options, including as low as 3% for first-time buyers.
Cuts the length of your mortgage in half.
Save significant amount of money in interest payments. | Disadvantages:Your monthly payment will be significantly higher than with a 30-year mortgage |
10 Year Fixed
| Best Choice If:You want to own your home more quickly.
You want to retire debt free.
You'll be retiring in less than 30 years.
You want to stay in your home once you retire. | Advantages:Flexible down payment options, including as low as 3% for first-time buyers.
Cut mortgage length by as much as two-thirds.
Save significant amount of money in interest payments. | Disadvantages:Your monthly payment will be significantly higher than with a 30-year mortgage. |
No Fee 12 Year Fixed
| Best Choice If:You're refinancing in amounts up to $766,550
You're financing a one-unit property.
You're seeking a low Loan-to-Value (LTV).
You don't want to pay points or closing costs. Note: An upfront credit report deposit is required and will be offset against other charges at closing. | Advantages:You have high equity in the property and can afford accelerated payments.
Significant amount of savings in interest paid payments. | Disadvantages:Maximum loan amount is $766,550
One-unit properties only
No manufactured homes as investment properties.
FICO (credit score) limitations.
Significantly larger payments. |
