Key Benefits of 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.
Fixed rate mortgages come in a variety of lengths, also known as terms. The most common fixed rate mortgage terms are 30 years and 15 years. A 10-year mortgage is paid off over a relatively short period of time, compared to these standard mortgages.
With a 10-year fixed rate mortgage, home buyers not only can pay off their debt sooner, they will also pay less interest *** on the money they borrow. Ten-year loans generally have lower interest rates than longer-term mortgages, plus the interest accrues over a shorter period of time. This can save home buyers thousands of dollars in interest. With a shorter term mortgage, homeowners can also build equity in their home much faster.
Why FourLeaf?
We’re a credit union, not a bank. That means your needs come first, not shareholders, because there are none.
We invest back in you by delivering great rates and low fees.
Why Choose a 10-Year Fixed Rate Mortgage?
With this low rate and short term, you can reduce the number of payments you make, and save thousands in interest over the life of the loan.
Consolidate your current mortgage, credit cards, or other loans into one monthly payment with a lower rate.
To find out how much you can save, speak with a mortgage specialist.
Not only will you be able to pay off your mortgage sooner, you'll pay less interest on the money you borrow.
- Use for purchase or refinance
- Lock in a fixed mortgage payment
- Build equity faster
- Consolidate debt
Questions & answers about 10-Year Fixed Rate Mortgages
A Mortgage Loan Officer will review your monthly income to ensure the 10-year mortgage payment is within qualifying guidelines.
One of the largest Credit Union in the country, serving members for over 75 years.
Everyday, more and more people are discovering the Credit Union difference from big banks. FourLeaf is far superior to banks because we operate solely for the benefit of our member-owners, not shareholders.
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.
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.
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.
Important Information
+ Show All
* Rates assume the property is an existing single-family home used as a primary residence, a Loan to Value (LTV) ratio of 80% or less on a purchase mortgage, or an LTV of 75% or less on a refinance mortgage, and a credit score of 720 or above. Payment Example: At a 2.5% interest rate, a $300,000 loan amount will have 120 monthly payments of $2,828.10 of principal and interest. This payment does not include amounts for taxes, nor insurance (actual payments will be greater).
** APR = Annual Percentage Rate. The APR is the cost of credit over the term of the loan expressed as an annual rate.
***Savings may vary and are not guaranteed.
All loan terms are subject to credit and loan program requirements (applicants may be offered credit at higher rates and other terms). Certain loan programs may not be available to all applicants. Loans above 80% LTV may require private mortgage insurance (PMI). FourLeaf does not offer residential mortgage loans in Texas. To obtain a loan, membership at FourLeaf is required by opening a $5.00 savings account at or prior to loan consummation. Rates, loan programs, terms, and conditions are subject to change without notice. Other restrictions and limitations apply. Please contact a Mortgage Specialist for more information and to discuss how we may help with your specific lending needs.
[1] Source: Medallia Survey Program. 87.7% member satisfaction based on data received from 25,340 member surveys from 1/1/2023 through 12/31/2023.
[2] Source: Callahan & Associates, Inc. Data based on total assets as of 3/31/2024.