The Fixed Rate Mortgage is the most common type of mortgage. The interest rate remains the same for the duration of the loan, so the principal and interest remain the same as well. Fixed Rate Mortgages are good options for borrower seeking stability and security in their monthly payments and overall investment. Fixed Rate Mortgages from eLucid are available in 8-year, 10-year, 12-year,15-year, 20-year, 25-year, 27-year, and 30-year terms to provide you with the most flexibility.

Fixed Rate Mortgages with longer terms such as 25-year or 30-year typically offer lower monthly payments, but have a higher interest rate so you pay more interest over the life of the loan. Fixed Rate Mortgages with shorter terms such as 10-year or 15-year have a higher monthly payment, but their lower interest rates result in lower overall interest cost.

The most popular mortgage type offers long term security and stability.Fixed Rate Mortages

Features & Benefits

• Security of a locked interest rate
• Stability of a consistent monthly payment
• Flexibility to choose from multiple loan durations
• Ability to balance duration, interest rate, and monthly payment to meet your individual needs

Calculate monthly payment and amortization.


• Minimum credit scores: Purchase 620 up to 95% LTV (Freddie Mac) or 97% LTV (Fannie Mae) for primary residence purchases and rate/term refinances; 620 up to 80% LTV for primary residence cash/out refinances; 620 up to 90% LTV for second home purchase and rate/term refinances; credit scores vary on type of property and loan type
• Maximum loan amount dependent on state loan limits for 1 to 4-unit properties
• Eligible property types: 1 to 4-unit properties, Fannie Mae/Freddie Mac –eligible condos, PUDs, modular homes, manufactured homes (double-wide only plus other restrictions)
• Mortgage insurance required for LTVs over 80%: Single Financed Mortgage Insurance and Lender Paid Mortgage Insurance eligible, with additional conditions
• Programs available only to qualified borrowers
• Additional Underwriting guidelines apply

Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.

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