340 Residential Loans closed in 2024
What are The Benefits Of a Fixed-Rate Mortgage?
Predictable Monthly Payments
Potential to Lock in a Low Rate
Protection from Fluctuating Interest Rates
Conducive for Long-term Financial Planning
We worked with Keith to purchase our first home. We got an amazing rate and the process was truly seamless. Keith and team were very accessible and knowledgeable and executed a very smooth process. It has been a very positive experience working with Keith and Leader Bank - highly recommend!
Kathy and her team at Leader Bank made the mortgage process MUCH less stressful than it could have been. They were responsive, attentive, and deeply knowledgeable. A wonderful experience all around!
We worked with Matthew McCarthy, who is a Senior Loan Officer in Leader bank, He made everything about taking a mortgage feel much more clear and simple and he was very patient and attentive to all of our questions and demands.
Andrew Monticone was such a great loan officer to work with during the purchase of my first home and I couldn’t recommend him more— he is professional yet makes you feel very comfortable and fields and question(s). He would answer emails over weekends, call me when I had more intricate questions, and had such amazing patience with me as I was a first time homebuyer. 10/10 experience!
I cannot say enough good things about Pat Walsh and his team. This was my third time buying a home and, by far, the smoothest the financing process has ever gone. Pat went above and beyond to find us the best rate (not an easy feat in today's market), apply any available lender credits, and answer any and all questions that we had. Highly recommend!
Frequently Asked Questions
Learning Center
Link to New Homeowner? 10 Things to Do Immediately After Buying a House New Homeowner? 10 Things to Do Immediately After Buying a House
If you recently bought a home, first of all, congratulations!
Link to Understanding the NAR August 2024 Settlement Understanding the NAR August 2024 Settlement
Learn the facts about the new requirements for paying buyer’s agent commission during the sale of a property.
Fixed-Rate Mortgage vs. Adjustable Rate Mortgage
Financial Calculators from
Dinkytown.net
Fixed Rate Mortgage: | Monthly payment $2,447.25 |
Fully Amortizing ARM: | Initial payment $2,212.24 |
Monthly Payment by Mortgage Type |
Definitions
Fixed Rate Mortgage
A fixed-rate mortgage has the same interest rate and monthly payment throughout the term of the mortgage.
Fully Amortizing ARM
This calculator shows a "fully amortizing" ARM, which is the most common type of ARM. The monthly payment is calculated to pay off the entire mortgage balance at the end of a 30-year term. After the initial period, the interest rate and monthly payment adjust at the frequency specified. The amount an ARM can adjust each year, and over the life of the loan, are typically capped. Below is a list of common ARMs.
| ARM Type | Months Fixed |
|---|---|
| 10/1 ARM | Fixed for 120 months, adjusts annually for the remaining term of the loan. |
| 7/1 ARM | Fixed for 84 months, adjusts annually for the remaining term of the loan. |
| 5/1 ARM | Fixed for 60 months, adjusts annually for the remaining term of the loan. |
| 3/1 ARM | Fixed for 36 months, adjusts annually for the remaining term of the loan. |
| 10/6 month ARM | Fixed for 120 months, adjusts every six months for the remaining term of the loan. |
| 7/6 month ARM | Fixed for 84 months, adjusts every six months for the remaining term of the loan. |
| 5/6 month ARM | Fixed for 60 months, adjusts every six months for the remaining term of the loan. |
| 3/6 month ARM | Fixed for 36 months, adjusts every six months for the remaining term of the loan. |
Mortgage amount
Original or expected balance for your mortgage.
Term in years
The number of years over which you will repay this loan. Common fixed-rate mortgage terms are 15, 20 and 30 years.
Expected adjustment
The annual adjustment you expect in your ARM, after the initial period ends. The range for this calculator is minus 3% to plus 3%. Use a negative value if you believe interest rates will decrease, a positive value if you believe they will increase.
Interest rate
Annual interest rate for each mortgage type. Typically an ARM will have a lower initial interest rate than a fixed-rate mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Months rate fixed
This is the number of months the rate is fixed for an ARM. During this period the interest rate and the monthly payment will remain fixed. The rate will then adjust annually by the amount entered in the "Expected Adjustment" field.
Months between adjustments
The number of payment periods between potential adjustments to your interest rate. The most common is 12 months, which means your payment could change at most once per year. Loans using the SOFR benchmark have six months between adjustments. The SOFR benchmark is based on what U.S. financial institutions pay each other for overnight loans. It is often used as a replacement for the LIBOR benchmark which is no longer used.
Interest rate cap
This is the highest allowable interest rate for your mortgage. Your interest rate can never be adjusted above this rate.
Monthly payment
Monthly principal and interest payment (PI) for the fixed-rate mortgage and the fully amortizing ARM.
The calculator tool provided is for informational purposes only and does not reflect any specific mortgage or home equity line of credit offered by Leader Bank or any specific terms that may be available for such products. For information on available Leader Bank products and services, please contact a Leader Bank loan officer directly. Examples of monthly payment amounts shown in calculators does not include taxes, insurance or any condominium or HOA fees applicable; as such your total monthly housing payment would be higher. For any adjustable or variable rate loan examples provided, interest rate may increase after consummation and your fully indexed rate, annual percentage rate and monthly principal and interest rates may be higher.
