• About Conventional Fixed Rate Mortgages

    A fixed rate mortgage is a loan where the interest rate will remain the same throughout the full duration of the loan term: Available for 15, 20, 25, or 30 years. This is a particularly beneficial option for home buyers who are not planning to sell their house within the foreseeable future. A fixed rate allows you to plan out your monthly budget with the secure knowledge that it will not fluctuate.

    If you are considering applying for a fixed rate mortgage in Jacksonville, FL, speak with one of our mortgage specialists from Carbon Capital.

    Fixed Rate vs. Adjustable Rate Mortgages

    Unlike a fixed rate mortgage, variable rate mortgages will generally have a lower initial interest rate. This rate is tied to an interest rate index and may thus increase or decrease with time, in conjunction with the overall interest rates on the market. As such, there is significantly more uncertainly involved in a variable rate mortgage, as it can be difficult to predict whether you will be paying more or less in the long-term as opposed to with a fixed rate mortgage. 

    At Carbon Capital, our most popular fixed rate mortgage products are Conventional Loans, which conform to the established guidelines of your financial institution and thus feature lower interest rates than non-conforming loans. Our options include:

    1. 3% Down with No PMI
    2. 3% Down with PMI
    3. 5% Down with No PMI
    4. 5% Down with PMI

    We also offer 10% down and 20% down options in addition to the ones listed above. We can perform the underwriting process typically within 24 hours and closing in 21 days.

    Our minimum credit score allowable on Conventional Loans is a 620, with scores generally ranging from 680 to 800. Please note that our “No PMI (private mortgage insurance)” products are geared towards borrowers with a credit score of 720 and above.

    To learn more about our fixed rate mortgages and discuss your options, please contact us at Carbon Capital today for a detailed consultation.