And, Enjoy No Closing Costs1 with Fremont Bank
Current low interest rates for home loans have many people considering buying or refinancing. While a 30-year mortgage is the traditional option, it's not the only option, nor is it always the best option.
For some, a 10-year fixed loan can provide a faster payoff with significantly lower interest payments over time.
At Fremont Bank, we offer no closing costs1 for refinancing and purchase loans, saving buyers even more. See today's rates.
What Is a 10-Year Fixed Mortgage?
A 10-year fixed-rate mortgage is a home loan with a 10-year term, meaning monthly payments are due for 10 years, and then the loan is paid off.
The interest rate on a fixed loan stays the same for the term. A fixed-rate loan is very different from a 10-year ARM (adjustable rate mortgage) loan. While called a 10-year loan, the term on an ARM is longer, often 30 years. The 10 years refers to the length of time you'll have a fixed interest rate. After that initial 10 years, the rate will adjust based on market conditions. Payments can increase if interest rates rise. A 10-year fixed loan payment remains stable, even if market rates change or with inflation.
A 10-year fixed mortgage will have significantly higher monthly payments because the loan is repaid in 120 monthly payments versus 360. However, much less interest is paid.
Benefits of a 10-Year Fixed Mortgage with No Closing Costs1 from Fremont Bank
The main benefits to a 10-year fixed mortgage are lower interest rates and a loan paid off faster. A 10-year fixed loan from Fremont Bank comes with a third major perk: no closing costs1.
Pay Off Your Mortgage Faster
Simply put, a 10-year loan is paid off in 1/3 the time of a 30-year loan. You also build equity more quickly because more principal is paid off sooner. If quickly building equity in your home is important, or you want to own your home sooner, a 10-year mortgage can make that happen.
Lower Interest Rates
Since payments made during the first years of a loan go mainly toward interest payments, you'll pay much less interest over time with a 10-year fixed loan versus a 30-year fixed loan. More of your monthly payment will go to the principal balance sooner. And, since the loan is fixed, those lower interest rates are locked in for the term. Check Our Current 10-Year Fixed Rate
No Closing Costs
We are thrilled to offer our 10-year fixed-rate mortgage with no closing costs1 for refinancing and purchasing loans. You'll save money by avoiding closing costs, whether you're buying your first home or refinancing your forever home.
Is a 10-Year Fixed Mortgage Right for You?
Knowing your home loan is just 10 years away from being paid off in full is undoubtedly appealing. Here's when a 10-year mortgage might make sense.
Homeowners Looking to Move or Refinance
Many homeowners who are looking to refinance default to a traditional 30-year mortgage. A 10-year fixed mortgage can be a smart alternative.
Even in a refi, loans with longer terms have higher interest rates. And, just like the original loan, the first years of payments are mainly interest payments. With a 10-year fixed mortgage, you can start paying principal sooner and save on total interest payments at a lower rate.
If you can afford the higher monthly payment, you'll save significantly over the life of the loan.
For buyers who have been renting or waiting to buy, a 10-year mortgage can help build equity in a home much more quickly than a longer-term loan. Simply put, you will own your home faster.
If you have a down payment and can afford the higher monthly payments a 10-year fixed loan brings, you can also save a substantial amount of money over time.
Anyone who wants to pay their loan faster, build equity in their home quicker and save a ton of money in interest can explore a 10-year fixed-rate mortgage with no closing costs1 with us.
Home Loans with Fremont Bank
We work hard to consistently offer the lowest rates out there for a 10-year fixed mortgage. And, what's more, a home loan with Fremont Bank comes with no closing costs.
Beyond savings, we are proud to offer expert service for both refinance and purchase loans. We'll be at your side every step of the way.
Curious if it's right for you?
If you want to save money and build equity fast in your home, it's time to act. There's no telling how long this low rate will last.
Call us at (877) 528-1514 to talk to a mortgage expert.
Can’t wait? Start your application now.
1 No closing cost loans are subject to terms and conditions of Fremont Bank's Application Fee Agreement, which lists the specific costs and fees the borrower will not pay. An application fee may be required after a loan application is submitted, which will be refunded as a credit on your Closing Disclosure statement. Application fee is non-refundable if your loan is denied, withdrawn or does not close for any reason. Borrower is responsible for paying all fees and charges imposed by brokers or an existing third-party lender (for example, payoff demand statement fee and/or a reconveyance fee) as well as any prepayment penalty imposed by any third-party lender or Fremont Bank. Loans with lower nominal interest rates may be available to borrowers willing to pay points and fees.
2 Loans with points and/or fees (closing costs) may have a lower nominal interest rate than “no closing cost" loans. Discount points are a form of prepaid interest paid up front in exchange for a lower interest rate. The reduced interest rate will only save money over a long term; the longer a borrower plans to live in the home, the better the chance of reaching the "break-even" point. There are a variety of points and fee options, so please ask your loan officer about available programs to help you decide whether paying points is an option for you.