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Contact a Mortgage Specialist
Our friendly Real Estate Specialists are waiting to help you. Contact them now.
(650) 363-1799
Mon-Thurs 8am - 5pm
Fri 9am - 6pm

Fixed Rate Mortgages

As the name implies, with a fixed rate mortgage, the interest rate is set at the time you take out the mortgage and remains constant over the life of the mortgage. The monthly payment level also remains constant. Knowing what your payment will be can be reassuring.
Each monthly payment consists of principal and interest. During the early years of your loan the majority of the mortgage payment goes to interest, in the later years the majority will go to principal.

Most institutions offer fixed rate mortgages of 30 years and 15 years. The benefit of the shorter 15-year mortgage is that after 15 years you will have paid off the mortgage loan and you own your home free and clear. You will also pay less interest over the life of the mortgage. The negative is that your monthly payments will be higher
Features:

  • 15-year, 20-year, and 30-year terms
  • California properties: primary residences, second or vacation homes, 1-4 unit dwellings
  • LTV ( Loan to Value)  varies based on type of mortgage loan
  • Jumbo loan amounts to $2,000,000

Additional information on the options:

Up to 90% Financing
SMCU provides a variety of 1st mortgage programs with up to 90%* financing on owner occupied properties. Just call (650) 363-1799 for more information.

Check Today's Mortgage Rates

Rates and terms subject to change without notice. Additional conditions may apply  

Comparing a 15-year mortgage and a 30-year mortgage

 

15-year mortgage

30-year mortgage

Mortgage amount

$500,000

$500,000

Interest Rate

6%

6%

Monthly Payments

$4,219.28

$2997.75

Total monthly payments over the term of the mortgage

$759,471.59

$1,079,192.69

Total principal paid over the term of the mortgage

$500,000

$500,000

Total Interest paid over the term of the mortgage

$261,073.49

$580,794.59

Apply Now!

See our Mortgage Financial Education Module for more information.
Rates and terms subject to change without notice. Additional conditions may apply

*Mortgage insurance is required on all conventional loans over 80% LTV.

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