Fixed Rate Mortgage

Account Description
  • Keeps payments predictable by retaining the same rate throughout the life of the loan.
Down Payment
  • 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
Eligibility
  • Applicants qualify according to First Federal of Lakewood Underwriting Guidelines.
  • Mortgage filing, hazard insurance, and flood determination is required.
Loan Limits Penalties/Restrictions
  • 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.

Account Features

Account Disclosure/Statements

Assistance

*Speak with a Mortgage Loan Specialist for full details, exceptions may apply.