A fixed rate mortgage is a good choice if you don't want to worry about fluctuating interest rates or if you plan to stay in your home for a longer period of time.
You'll be able to lock in a rate that won't change, and have predictable monthly interest and principal payments.
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MetLife Bank also offers a 7-year Balloon Mortgage
You start by making payments as you would with a full-term, 30-year fixed-rate mortgage, but after seven years, the remaining principal balance is due and payable in full.
A balloon mortgage gives you the benefit of a fixed rate, 30-year amortized monthly payment, with the option to refinance your mortgage at the end of the balloon term.
Types of fixed rate mortgages offered
- Conforming — loans less than a conventional limit, with a fixed interest rate for the term of the loan
- Conforming Jumbo — loans of more than a conventional limit that also provide a fixed interest rate for the term of the loan
- Interest-only — your monthly payments only apply to the interest payment, and not to the principal and interest payment of your loan, for a specified period of time (e.g. 5 or 10 years). After that time period, payments are applied to both interest and principal. While making interest-only payments, principal is not reduced. At the end of the interest-only payment period, your monthly payment may increase, possibly substantially, because you will then be required to pay down the outstanding principal on the loan along with the monthly interest due for the balance of the term
Why go with MetLife Bank?
- Competitive rates
- Best Price Guarantee** More details
- Easy application process, either online or over the phone with one of our skilled Mortgage Specialists
