Fixed Loans
Fixed-Rate Mortgages in Durango & Southwest Colorado
Lock In Your Rate For The Entire Life Of The Loan
Fixed Loans
- The same rate and principal-and-interest payment for the life of the loan
- Low down payment options on purchases
- Flexible credit guidelines
- Post-bankruptcy can qualify after 4 years
- Post-foreclosure can qualify after 7 years
- Post-short-sale can qualify after 4 years (LTV restrictions may apply)
If you plan to stay in your home for a long time, a fixed-rate mortgage locks your interest rate for the life of the loan. I offer fixed terms of 30, 25, 20, 15 and 10 years, plus custom “variable term” lengths.
Choosing a Fixed-Rate Mortgage in Durango
A fixed-rate mortgage keeps the same interest rate and the same principal-and-interest payment for the whole loan. That predictability is why most Durango buyers who plan to stay put choose one. Your total monthly payment can still change if property taxes or homeowners insurance in your escrow account go up.
Shorter term or longer term?
A shorter term has a higher monthly payment but builds equity faster and costs less interest overall. A longer term keeps the payment lower and gives you more room in your budget, and you can always pay extra. Compare them with the amortization calculator and the bi-weekly payment calculator.
Fixed-Rate Mortgage Questions
Should I choose a fixed rate or an adjustable rate?
A fixed rate usually makes sense if you plan to keep the home and loan for many years and want a predictable payment. An adjustable-rate mortgage can make sense if you expect to sell or refinance before the rate starts adjusting.
Can I refinance later if rates drop?
Yes. If rates fall enough to cover the cost of refinancing, you can replace your loan with a new one. Use the refinance break-even calculator to see how long the savings would take to add up.
Does a fixed rate mean my whole payment never changes?
Your principal and interest stay the same. Property taxes, homeowners insurance and any mortgage insurance paid through escrow can change from year to year.
Can I get a fixed rate on a second home or rental?
Yes. Fixed-rate loans are available for second homes and 1-4 unit investment properties, with different down payment and pricing rules than a primary home.