Fixed-rate Mortgages

Lock in a rate for the long term

 

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A fixed-rate mortgage offers the security of knowing that the monthly payment of principal and interest will remain the same for the life of the loan. RSI Bank offers a range of terms for fixed-rate mortgages*.
 

When does it make sense to choose a fixed-rate mortgage?

Fixed-rate mortgages tend to have higher interest rates than adjustable-rate mortgages. It generally makes the most sense to choose a fixed-rate mortgage if you are buying a home that you plan to keep for many years. Our residential loan officers can help you decide which mortgage is right for your unique personal situation. Call us today at 732.587.1595.


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Common Mortgage Q&As

A fixed-rate mortgage, or fixed mortgage, has an interest rate and monthly payments (loan premium and interest) that remain the same for the life of the loan.

Always ask your lender to provide a loan estimate. The loan estimate will provide a detailed breakdown of expected costs. Lender costs, such as points, origination fees, and application fees, can mask the true rate you are receiving.

In addition to the rate, loan servicing should be factored into a borrower's decision. Loan servicing refers to collecting monthly payments, paying taxes and other aspects of the loan that take place after the mortgage has closed and until it is paid off. Working with a smaller institution allows for more personalized service, as well as the opportunity for in-person payments.

When evaluating loan options, borrowers should be mindful of their credit scores, down payment, and the type of property they are financing. A 30-year fixed mortgage is typically the first option borrowers will consider. It is important for borrowers to evaluate their financial picture and goals when determining if a 30-year mortgage is right for them. For example, a lower payment and longer duration do not always equate to savings when financing.

Read about other mortgage considerations in our article Comparing Mortgage Offers Between Lenders.

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*Ask a loan representative for details on our mortgage programs. Mortgages are available in New Jersey only. All loans are subject to credit approval.


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State Licenses

NMLS Loan Originator ID: 409467

Loan applications are limited to the following states.

State License Number Expiration Date
New Jersey 409467 12/31/2021