What is a Fixed Rate Loan?

  • Fixed rate mortgages allow you to keep the same interest rate for the entire life of your loan
  • Fixed rate mortgages are available in term lengths of 10, 15, 20, 25, or 30 years.
  • Generally fixed rate mortgages carry longer loan repayment terms and higher interest rates.
  • Fixed rate mortgages provide long-term security through predictable monthly mortgage payments throughout the life of the loan.

Who Should Consider a Fixed Rate Loan?

  • Interest rate and principal payment that will always remain the same.
  • This program is ideal for clients who expect to stay in their home for an extended period of time.
  • Fixed rate mortgages are also beneficial for clients who want the security of a steady and predictable payment.
NOTE: FINANCED PROPERTIES HELD IN THE NAME OF AN LLC OR OTHER CORPORATION CAN BE EXCLUDED FROM THE CALCULATION OF NUMBER OF PROPERTIES FINANCED ONLY IN CASES WHERE THE BORROWER IS NOT PERSONALLY OBLIGATED FOR THE MORTGAGE.

MULTIPLE PROPERTIES FINANCED/OWNED
THE BORROWER MAY OWN A TOTAL OF FOUR (4) FINANCED, 1-4 UNIT RESIDENTIAL PROPERTIES INCLUDING THEIR SUBJECT PROPERTY AND REGARDLESS OF OCCUPANCY.  ALL FINANCED PROPERTIES OTHER THAN THE SUBJECT PROPERTY REQUIRE 6 MONTHS OF PRINCIPAL INTEREST, TAXES AND INSURANCE OF RESERVES FOR EACH PROPERTY.  THE BORROWER MAY HAVE AN UNLIMITED NUMBER OF PROPERTIES OWNED BUT NOT FINANCED.

LOAN RESTRICTIONS (INELIGIBLE)

PROPERTIES LISTED FOR SALES WITHIN THE LAST 6 MONTHS OF APPLICATION DATE ARE NOT ELIGIBLE (REFINANCES) OR CASH OUT REFINANCES.

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DISCLAIMER

Bank of England Mortgage Division has tried to provide accurate and timely information; however, the content of this site may not be accurate, complete or current and may include technical inaccuracies or typographical errors. From time to time changes may be made to the content of this site without notice. Bank of England Mortgage Division may change the products, services, and any other information described on this site at any time.

The information published on this site is provided as a convenience to visitors and is for informational purposes only. You should verify all information before relying on it and decisions based on information contained in our site are your sole responsibility. If you need specific details about any information contained in our site, you should contact Bank of England Mortgage Division at (248) 504-5114.

This is not a commitment to lend or extend credit. All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states.  ENG Lending and Bank of England are not affiliated with any government agency.

Bank of England Mortgage Division is a division of Bank of England. NMLS 418481. Member FDIC.