Fixed Rate Mortgage 

 

Patriots Bank has now partnered with the Federal Home Loan Bank of Topeka to offer you a loan program with great rates and terms. As a benefit of this new program you will be able to make your monthly mortgage payment directly to Patriots Bank.

Features:    

  • 15, 20, and 30 year terms are all available with fixed rates
  • Patriots Bank will stay your servicer through out the life of your loan

How a Fixed Rate Mortgage Works:  

  • Monthly payments based on interest rate, principal loan amount, and amortized interest over a certain term
  • Your payment will not change throughout the life of the loan
  • Your actual payment will vary based on your situation and the current interest rates when you apply
  • Payoff your mortgage at any time without pre-payment penalties

This "traditional" type of loan maintains its original interest rate throughout the entire life of the loan. (Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time.) Fluctuations in market rates, over the term of your loan, won't have any impact on the amount of interest you pay because that rate is already "fixed."

15 year-fixed rate

Advantages:

Level principal and interest payments for the full life of the loan. No risk that changing market conditions will increase your monthly payments. The loan balance will decrease more rapidly than a 30 Year mortgage.

Best Choice If:

  • You plan on staying in the home long-term
  • You need your monthly payments to remain fixed over the life of the loan
  • You would like to pay-off the loan balance quickly

For example, a 15-year fixed rate loan for $200,000 with a 5.375% interest rate (5.698% APR) would require 180 monthly principal and interest payments of $1,620.94. Taxes and insurance escrows are not included. Other rates and terms are available. The terms used in this example are for illustrative purposes only and the actual terms you receive may be different depending on your individual circumstances. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.

20- year fixed rate

Advantages:

Level principal and interest payments for the full life of the loan. No risk that changing market conditions will increase your monthly payments. The loan balance will decrease more rapidly than a 30 Year mortgage.

Best Choice If:

  • You plan on staying in the home long-term
  • You need your monthly payments to remain fixed over the life of the loan
  • You would like to pay-off the loan balance quickly

For example, a 20-year fixed rate loan for $200,000 with a 6.000% interest rate (6.446% APR) would require 240 monthly principal and interest payments of $1,432.87. Taxes and insurance escrows are not included. Other rates and terms are available. The terms used in this example are for illustrative purposes only and the actual terms you receive may be different depending on your individual circumstances. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.

30-year fixed rate

Advantages:

Level principal and interest payments for the full term of the loan. No risk that changing market conditions will increase your monthly payments.

Best Choice If:

  • You plan on staying in the home long-term
  • You need your monthly payments to remain fixed over the life of the loan

For example, a 30-year fixed rate loan for $200,000 with a 6.000% interest rate (6.336% APR) would require 360 monthly principal and interest payments of $1,199.11. Taxes and insurance escrows are not included. Other rates and terms are available. The terms used in this example are for illustrative purposes only and the actual terms you receive may be different depending on your individual circumstances. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.

Mortgage loans are originated and serviced by Patriots Bank, and are subject to credit approval, verification and collateral evaluation. Programs, rates, terms and conditions are subject to change without notice. Certain restrictions apply.