Fixed-Rate Mortgages

Fixed-rate, fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Second, the principal and interest payments remain level for the life of the loan, which is structured to repay the loan at the end of the loan term. Property taxes and homeowner’s insurance may increase, but generally, your monthly payments will be very stable.

APGFCU offers fixed-rate mortgages for 30-, 20-, 15- and 10-year terms1. The 30-year and 15-year loans are the most popular. Here are some features of each:

30-Year Fixed-Rate Loan

  • The longest term provides the lowest monthly principal and interest payment option.
  • The 30-year term has fixed scheduled payments with the option to make additional principal payments to pay the mortgage off more quickly.
  • The longer term does mean more years of payments, which could mean you pay more interest in total over the life of the loan.

15-Year Fixed-Rate Mortgage

  • The shorter term typically has a lower interest rate than longer-term mortgages.
  • Compared to the 30-year term, more of the monthly payment goes to principal, which helps to build more equity, more quickly.
  • The shorter term also means you pay less interest over the life of the loan than with a 30-year mortgage.

Purchase or Refinance Your Fixed-Rate Loan Here

Check Rates

To learn more about fixed-rate mortgages, call 888-LOAN-391 (888-562-6391) to receive a call from an APGFCU Mortgage Consultant.

Membership eligibility and other restrictions apply. Loans are available only on primary and secondary single-family residences or owner-occupied condominiums located in MD, D.C., DE, NJ, PA, NC, SC, FL, and VA. Subject to credit approval.

1Loan payment example: A fixed-rate [75% Loan-to-Value (LTV)] loan of $180,000 for 30 years at a 7.375% rate and 7.495% APR will have a principal and interest monthly payment of $1,243.22. Payments do not include taxes and insurance premiums and actual payment obligation may be greater.

Equal Housing Lender Logo