Lock in Great Rates on 10-Year Fixed Mortgages
The 10-Year Fixed Mortgage is a type of Adjustable Rate Mortgage (ARM) that offers you 10 years until your first adjustment period. The major benefit here is that even though the loan is an adjustable rate, the payments can be based on a traditional 30 year loan.
10-Year Fixed Benefits
- Payments can be based upon a 30-year loan term
- Lock in lowest interest rates for 10 years
- No principal payments during first 10 years
10-Year Fixed Eligibility
As per the Freddie Mac website:
- Loan Prospector®
- Non-Loan Prospector
- Loan Prospector Caution Mortgages and Non Loan Prospector mortgages must be manually underwritten per Guide Chapter 37.
- Minimum Indicator Score of 620 unless otherwise specified in the Guide (Loan Prospector A-minus mortgages are exempt).
- Maximum debt-to-income ratio of 45 percent for manually underwritten mortgages.
- All mortgages must meet the risk class and/or minimum Indicator Score requirements in Guide Exhibit 25
- Originate with most Freddie Mac mortgage products, including Home Possible Mortgages (5/1, 7/1 and 10/1 ARMs), Financed Permanent Buydown Mortgage and more.
- Reference Guide Section 30.16 for more information.
Steps to 10-Year Fixed
Before you start the 10-Year Fixed loan process, be prepared to provide some information to one of our loan officers.
- Social Security numbers
- Gross monthly salary
- Banking and financial information
- Tax returns