Fixed Rate Mortage | Bay Equity Home Loans

Fixed-Rate Home Loans


The standard in mortgage lending, for a reason.

What is a fixed-rate mortgage?


A fixed-rate mortgage is a home loan where the interest rate stays the same for the life of the loan. Through a fixed-rate loan, homeowners gain long-term stability and predictable payments. That’s part of why fixed-rate mortgages have become the favored choice of most borrowers.

When you choose a 15- or 30-year fixed-rate mortgage with Bay Equity, your payment will not change the entire time. This is great because it allows you to budget your mortgage payment throughout your life, or at least the next 10 to 30 years of it.

What are the benefits of a fixed-rate mortgage?


  • Your monthly mortgage payment stays the same throughout the life of the loan
  • No prepayment penalties if you refinance or sell
  • Nearly all government and conventional loan programs offer a fixed-rate term

How does a fixed rate mortgage work?


Lock in your rate

Interest rates on fixed-rate mortgages change all the time based on market trends. While we can’t guarantee your specific rate here and now, talk to one of our loan officers to lock in your exact interest rate.

Choose your loan term

  • 10 years
  • 15 years
  • 20 years
  • 30 years

Choosing a shorter fixed-rate period will get a lower interest rate, allowing you to see significant savings, as well as pay off the home loan faster than a traditional 30-year loan.

Enjoy the lifelong reward of a shorter-term benefit

A fixed rate mortgage has its pros and cons, but with a simple monthly and total-term comparison, our loan officers can show you how a fixed-rate home loan is a great option for you and your family.

How do I qualify for a fixed-rate mortgage?


Qualifying for a fixed-rate home loan is easier than you might think. Essentially, lenders calculate your income-to-debt ratio to gauge how efficiently you’d be able to pay off your loan. If they see that the numbers are doable, they’ll make it work for you.

Qualifying for a fixed-rate loan comes down to:

  • Good credit: anything higher than 720 is a good starting point for a conventional fixed rate, but there are also fixed-rate loans that require lower credit scores available from the FHA, VA and others
  • Employment history: lenders are looking for consistency
  • Monthly income: are you actually able to make the payments?
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Estimate your monthly mortgage with this home loan calculator. Just remember, your results are only estimates.

Talk to one of our loan officers to get an official figure. We’re here to help.

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