Fixed-rate loans are the most common loan for many homebuyers because the monthly payments (of principal and interest) are stable. The interest rate you lock-in at the time of application will be the same interest rate you pay for the life of the loan. Clay County Savings Bank offers a 10-year, 15-year, 20-year or 30-year mortgage.
The maximum loan amount for our fixed-rate loans is $424,100. If the loan amount exceeds $424,100, we also offer adjustable-rate mortgages or a 15-year fixed rate jumbo loans.
A fixed-rate loan is typically advantageous if you plan on owning your home for five or more years. If interest rates increase, your monthly payment of principal and interest will not be affected. However, it is important to note that your monthly escrow for taxes or insurance still may go up and effect your monthly payment, if taxes or insurance costs go up over time. Further, because of the long-term nature of fixed-rate loans, the interest rate is generally higher than other types of mortgage loans.
Our fixed-rate loans for a term greater than 15 years are typically sold to Freddie Mac, but Clay County Savings Bank retains the servicing so you will always deal with us.