What is a Freddie Mac Fixed Rate Mortgage Loan?
A Freddie Mac Fixed Rate Mortgage Loan is a home loan with an interest rate that remains constant throughout the life of the loan. It is backed by Freddie Mac and provides borrowers with predictable monthly payments, making it easier to budget and plan...
Continue ReadingWho is eligible for a Freddie Mac Fixed Rate Mortgage Loan?
Eligibility for a Freddie Mac Fixed Rate Mortgage Loan typically includes having a stable income, a good credit score, and a manageable debt-to-income ratio. Specific eligibility criteria can vary, so it’s best to contact People Driven Credit Union for...
Continue ReadingWhat are the down payment requirements for a Freddie Mac Fixed Rate Mortgage Loan?
Down payment requirements can vary, but typically range from 3% to 20% of the home’s purchase price. Lower down payments may require private mortgage insurance...
Continue ReadingWhat are the credit score requirements for a Freddie Mac Fixed Rate Mortgage Loan?
The minimum credit score required is generally around 620, but higher credit scores can help you qualify for better interest rates and loan...
Continue ReadingWhat types of properties are eligible for Freddie Mac Fixed Rate Mortgages?
Eligible properties include single-family homes, condominiums, and multi-unit properties (up to four units). The property must be used as your primary...
Continue ReadingHow long are the loan terms for Freddie Mac Fixed Rate Mortgages?
Common loan terms include 15, 20, and 30 years. The term you choose will affect your monthly payments and the total interest paid over the life of the...
Continue ReadingWhat are the benefits of a Freddie Mac Fixed Rate Mortgage Loan?
Predictable Monthly Payments: Your interest rate and monthly payments remain the same throughout the life of the loan. Stability: Fixed rates provide financial stability and simplify long-term budgeting. Flexibility: Available for various...
Continue ReadingCan I refinance my existing mortgage with a Freddie Mac Fixed Rate Mortgage?
Yes, refinancing with a Freddie Mac Fixed Rate Mortgage can help you secure a lower interest rate, reduce your monthly payments, or change your loan term to better suit your financial...
Continue ReadingWhat is private mortgage insurance (PMI), and when is it required?
PMI is insurance that protects the lender if you default on your mortgage. It is typically required if your down payment is less than 20% of the home’s purchase price. PMI can be canceled once you have enough equity in your...
Continue ReadingHow do I apply for a Freddie Mac Fixed Rate Mortgage Loan?
Apply online or contact our mortgage specialist, Jim Rogers, who will guide you through the application process, help you understand your options, and determine your eligibility. James (Jim) Rogers is authorized to act as an agent on behalf of People...
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