More information of Fixed Rate Mortgage
With this mortgage loan from PNC Bank you will not have to be aware of whether your monthly payment goes up or down due to variations in a reference index. It's a fixed-rate mortgage, which means that the interest rate is always the same, so the installments will always be the same amount.
This has several advantages; you can know before contracting it the total amount of interest you will pay during the time it will take you to pay it back. You also have the peace of mind of knowing that your installment will never go up and, in addition, in the event that official interest rates rise, you will save everything that holders of variable mortgages have to overpay.
The repayment term for this product can be 10, 15, 20 or 30 years and the maximum amount to request for a family is $650,000, if you want to contract a higher amount you will have to go to the Jumbo Loans that PNC Bank also offers.
The minimum down payment that you must have saved to be able to contract this mortgage is only 3%. That is, you can finance up to 97% of the value of the home. However, if you are going to provide a down payment of less than 20%, it is likely that you will have to take out a Private Mortgage Insurance or have very good creditworthiness.
You can apply for PNC Bank's fixed-rate mortgage through its website or by visiting one of its branches.
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