Questions & answers about 10-Year Fixed Rate Mortgages
What are the benefits of a 10-year mortgage?
With a 10-year Fixed Rate Mortgage, you can get a lower rate compared to longer-term mortgages, shorten the term of your existing loan, build equity in your home faster, and save thousands in interest. All of these benefits can help you to consolidate debt, fund a major purchase, like a home improvement or college, or plan for retirement.
How will I know if I can afford the monthly payment of a 10-year mortgage?
A Mortgage Loan Officer will review your monthly income to ensure the 10-year mortgage payment is within qualifying guidelines.
Who is Bethpage Federal Credit Union?
One of the largest Credit Union in the country, serving members for over 75 years.
What's the difference between a Credit Union and a Bank?
Everyday, more and more people are discovering the Credit Union difference from big banks. Bethpage is far superior to banks because we operate solely for the benefit of our member-owners, not shareholders.
What is a 10-year fixed-rate mortgage?
A 10-year fixed rate mortgage is a home loan that maintains the same interest rate and monthly principal-and-interest payments over the life of the loan, in this case, ten years.
How to pay off fixed rate mortgages early?
Just as with making extra payments, paying more than the minimum each month can give homeowners significant savings on interest, shorten their repayment time and build equity faster.
How much deposit is required for a fixed rate mortgage?
Conventional mortgages (not federally insured) usually require a minimum down payment of 5%, a credit score of at least 660, steady income for at least the past two years, and a debt-to-income ratio (total debt divided by gross income) of 50 percent or less.