Conventional Fixed Rate Mortgages

Feel peace of mind in your mortgage
It’s your Advantage

We Make the Mortgage Process Easy

With fast approvals and quick closings, a fixed rate mortgage is perfect for homeowners looking for an easy way to budget long term.

Benefits

A fixed rate mortgage means your monthly payment will stay the same no matter what happens in the markets. With competitive rates, affordable down payments, and flexible terms, our fixed rate mortgage is here to bring you peace of mind!

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Lock In Your Rate

You can lock in your interest rate during the loan process and it stays the same until the loan is paid off.

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No Mortgage Insurance

Enjoy No Mortgage Insurance on in-house products.

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Refinance Your Existing Loan

A fixed rate mortgage is one of the most popular options for those with an existing loan who want a better rate or a shorter term.

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Pay Less Upfront

Fixed rate loans require a minimum 3% to 5% down payment.

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Choose Your Term

We offer terms of 15, 20, and 30 years so you can choose the length that best suits your budget and goals

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Borrow More

Financing is available for conforming loans up to $548,250.*

Today’s Rates

Achieve your homeownership goals with 1st Advantage’s exceptional rates.

Fixed Rate Mortgages

Loan Type

Minimum Interest Rate

APR

*APR: Annual Percentage Rate. This interest rate is current as of 2/17/2024. Rates and terms based on credit criteria. Credit restrictions apply. The interest rate charged and the annual percentage rate are constant for the life of the loan. Assuming a $200,000 loan amount, a 15-year term, and a 6.188% APR, you would make monthly payments of $1,687.71. Payments are estimates only and only include principal and interest. Minimum/Maximum: The minimum refinance loan amount is $50,000. Interest rates are subject to change and are based on credit score, loan product, loan term, and loan value.

**APR: Annual Percentage Rate. This interest rate is current as of 2/17/2024. Rates and terms based on credit criteria. Credit restrictions apply. the interest rate charged and the annual percentage rate are constant for the life of the loan. Assuming a $200,000 loan amount, a 20-year term, and a 6.402% APR, you would make monthly payments of $1,461.86. Payments are estimates only and only include principal and interest. Minimum/Maximum: The minimum refinance loan amount is $50,000. Interest rates are subject to change and are based on credit score, loan product, loan term, and loan value.

***APR: Annual Percentage Rate. The interest rate is current as of 2/17/2024. Rates and terms based on credit criteria. Credit restrictions apply. The interest rate charged and the annual percentage rate are constant for the life of the loan. Assuming a $200,000 loan amount, a 30-year term, and a 6.618% APR, you would make monthly payments of $1,264.14. Payments are estimates only and only include principal and interest. Minimum/Maximum: The minimum refinance loan amount is $50,000. Interest rates are subject to change and are based on credit score, loan product, loan term, and loan value. Private Mortgage Insurance (PMI) may not be required for purchases of up to 95% LTV.

Loan Type

15-Year Fixed

Minimum Interest Rate

6.000%

APR

6.188%*

Loan Type

20-Year Fixed

Minimum Interest Rate

6.250%

APR

6.402%**

Loan Type

30-Year Fixed

Minimum Interest Rate

6.500%

APR

6.618%***

Estimate your monthly mortgage payment

Enter a total loan amount and planned down payment into this calculator to estimate your monthly mortgage payment.

Calculated payments shown are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly.

How to Get Started

Applying for a fixed rate mortgage at 1st Advantage is easy.

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Apply Online

Our application process is quick and easy, and you can complete it on any mobile device.

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Get Approved

Our team will verify that you meet all the criteria of the loan.

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Grab Your Keys!

We’ll guide you through closing so you can enjoy your new home.

Our Award-Winning Mortgage Team

Our friendly mortgage professionals are here to help. Contact us to get started today.

Alicia Bowen Headshot

Alicia Bowen

Mortgage Sales Manager

NMLS #305735

757-715-2412

abowen@1stadvantage.org

 

Tamela Photo

Tamala Olszewski

Mortgage Loan Officer

NMLS #1581742

757-886-3356

tolszewski@1stadvantage.org

Photo of Shayla Croom

Shayla Croom

Mortgage Loan Officer

NMLS #2122939

757-658-8524

scroom@1stadvantage.org

Susan Ward Headshot

Susan Ward

Mortgage Sales Coordinator

NMLS #1816060

757-968-5805

sward@1stadvantage.org

Got Questions? We’ve Got Answers.

The annual percentage rate (APR) you get is based on a range of factors. You can find out what rate you’re likely to get during the mortgage pre-approval process.

Here are a few things we’ll consider when offering you a great rate:

  • Your credit score and repayment history
  • Your debt-to-income (DTI) ratio
  • Your loan amount or loan-to-value (LTV) ratio
  • Your preferred loan term (shorter terms get lower rates)

The amount you can borrow is determined by factors such as your debt to income and credit score (or credit worthiness). We want to make sure you can comfortably afford your mortgage payments so you can enjoy your home for many years to come. It might even be your forever home!

The closing costs on a mortgage include the fees and charges for all the services needed to successfully purchase your home. The total can be about 3% to 6% of the purchase price, depending on the home value and where you live.

Closing costs may be divided into two types – costs related to the property and costs related to the mortgage loan.

Property-related closing costs may include:

  • Appraisal fee to determine what the home is worth.
  • Home inspection fee to evaluate the home before closing (an optional but recommended service)
  • Title search to ensure there aren’t any issues with the title of the home, such as a tax lien.
  • Title insurance to protect your lender in case there are issues with ownership after the sale.
  • Prepaid taxes – you may need to pay six months to a year’s worth of property taxes in advance at closing.
  • Settlement fee – fee for settlement agent to close your loan
  • Homeowner’s insurance – 12 mos upfront and 3 mos in escrow account
  • Prepaid interest – interest from the day of closing until the end of the month (under mortgage cost)

Mortgage-related closing costs may include:

  • Credit report fee to check your credit report and score.
  • Origination fee or commitment fee for creating the loan.
  • Points can be paid upfront to lower the interest rate on your mortgage – this may raise your closing costs but reduce the amount of total interest you pay over the life of your loan.

If your credit report shows missed mortgage payments in your financial history, you may still be able to get a home loan. The answer will depend on a few factors including:

  • Whether the late mortgage payments occurred recently (within the last year) or further in the past.
  • Whether the late mortgage payments are the only example of missed payments in your financial history.
  • Whether you have other types of late payments on your record and/or have had bills go to collection.

Keep in mind that repayment history comprises about 30% of your credit score so it’s an important factor in the qualification process. If you do qualify for your home loan, the missed payments will likely mean you get a higher APR than people who have not missed payments.

It may be challenging or impossible to get a mortgage with bad credit, but you don’t need perfect credit to get approved for a home loan! We require a credit score of at least 640 to qualify for a mortgage.

Note that people with lower qualifying credit scores will get higher rates than people with excellent credit.

Yes, we do need a down payment of at least 3% to 5% at the time of closing. A lower down payment lets you begin your homeownership journey sooner than if you had to save up the traditional 20%.

But a higher down payment means you can borrow less, so your monthly payments may be lower and you can save on interest. In general, try to put down as much as you can comfortably afford.

Not finding what you’re looking for? See all our FAQs.