When you’re looking for stability and predictability in your home loan, it’s hard to beat a fixed rate mortgage. Not only does the interest rate remain the same throughout the life of the loan, you’ll be able to pay it off early without penalty, too!
Fixed Rate Mortgages
Get in the Game!
Beat Other Homebuyers Stuck on the Sidelines
Greater Nevada’s 5/5 Adjustable Rate Mortgage is now as low as 5.638% APR!1 Work with a Mortgage Consultant to meet your homeownership goals—like buying your first or next home, or lowering your current interest rate and payments or accessing cash by refinancing. We also prioritize speed for our clients, with an average turnaround of only 24 days from application completed to ready to close for purchase loans in 2024!2
What is a Fixed Rate Mortgage?
A fixed rate mortgage is a type of home loan with a specific interest rate for the entire term of the loan. This type of mortgage usually gives borrowers a variety of term length options, and the homeowner’s monthly payments will be the same month-to-month.
A fixed rate mortgage is the most common type of mortgage on the market, and it is right for a wide variety of borrowers, from first-time homeowners to experienced buyers due to its predictability and stability. One of the biggest advantages of a fixed rate mortgage is that it makes it easier for homeowners to budget their monthly mortgage payments while protecting the homeowner from interest rate and market fluctuations.
Loan Amounts
Loan amounts are up to $766,550 for a conforming loan in 2024, and a jumbo loan will be needed for amounts above that.
Interest Rates
Fixed interest rate that will not change over the life of the loan.
Repayment Terms
Choose from terms up to 30 years.
Down Payment
Loans are available with as little as 3% down.
Property Type
Fixed rate mortgages are available for most types of properties, from primary residences, second and vacation homes and investment properties.
Eligibility
Fixed rate mortgages are available to new homebuyers and homeowners refinancing anywhere in Nevada and California.
Greater Nevada Mortgage offers competitive fixed mortgage rates for homebuyers and homeowners wanting to refinance throughout Nevada and California.
Pros and Cons of a Fixed Rate Mortgage
- Consistent interest rate and fixed monthly payment for the life of the loan
- Variety of term lengths available, including shorter terms for borrowers who want to own their home quicker
- No prepayment penalty
- May pay a higher interest rate versus the initial adjustable rate (ARM) loan rate
- Typically higher down payment requirements than other options
Everyone Deserves a Home
According to the National Alliance to End Homelessness, over 7,600 Nevadans experience homelessness on any given night. GNM’s Keys to Greater program donates a portion of the revenue from every new mortgage or refinance to community nonprofit organizations that address homelessness, and since launching in 2021, over $200,000 has been donated!
Ready to Explore a Fixed Rate Mortgage for Your Needs?
Follow these three easy steps listed below to turn your homeownership dreams into reality.
Calculate What You Can Afford
See how much you can afford to borrow on your home purchase with our mortgage calculator.
Submit Your Application
It’s quick. It’s easy. It’s online. Plus, we have a mortgage documents checklist so you know what information to gather.
Let’s Chat
All your home loan questions are answered by your dedicated Mortgage Consultant and their team as you learn about what options work best for your goals.
1Annual Percentage Rate (APR) is based on a loan amount of $350,000 at 80% Loan-to-Value with a credit score of 700 for conforming loans. Adjustable Rate Mortgages assume no increase in the financial index, and your interest rate and payment may increase according to the market index after the fixed period. Rates and fees are subject to change without notice. Membership with GNCU is required prior to loan funding, which is open to anyone living or working in any of Nevada’s 17 counties and members of their immediate family.
2Average purchase loan turnaround time is based on application completion to final approval, with all required conditions and guidelines being met awaiting the Close of Escrow date, between January 1, 2024, to July 31, 2024. This is not a guaranteed timeframe for all loan applications. Each loan transaction is different, and individual turnaround times will vary.