Fixed Rate Mortgage
- Keeps payments predictable by retaining the same rate throughout the life of the loan.
- Down payment can be as low as 5% (Private Mortgage Insurance may be required)
- Costs include a low application fee (non-refundable) plus closing costs which may include points.
- Reserves for taxes and insurance may be required
- Applicants qualify according to First Federal of Lakewood Underwriting Guidelines.
- Mortgage filing, hazard insurance, and flood determination is required.
- No prepayment penalty on fixed rate loan.
- Late charge of 5% of the principal and interest payment if 15 days past due.
- $30 fee for NSF checks and ACHs submitted for payment.