We all aspire to own our dream home one day. We work tirelessly in order to save up enough money so that we can turn this dream into a reality. Moreover, we indulge ourselves in meticulous research about finances, loans, and mortgages.
If you are a first-time home-buyer, finding the right mortgage can be a daunting process. Keeping this in consideration, Santander Bank has come up with several lucrative mortgage options that will suffice your purpose.
We have curated a detailed guide about the fixed-rate mortgages offered by Santander Bank, to help you find the ideal mortgage.
Features of Fixed Rate Mortgages
As a first-time buyer, you will likely find yourself on a tight budget. As a result, you may prefer a fixed rate mortgage. This mortgage type offers security and reliability.
Usually, most long-term mortgages have a traditional period of either 15 years or 30 years. In such cases, the monthly payments remain unchanged throughout your loan, thus helping you to manage and plan your finances better.
Consequently, you are flooded with a variety of options in terms of the duration of your loan. There are no surprise inflations in interest rates since you can lock the price right at the start of your term.
Moreover, you can plan ahead since you will have an efficiently laid-out road map to determine exactly how many mortgages you have to pay, even years after you have bought your home.
Key Benefits of the Mortgage
The Santander mortgage follows a fixed-rate principle. Therefore, its greatest benefit is that the interest rates and the monthly principal and interest (P&I) rates remain unchanged throughout the term of your loan.
You can also distribute your payments over your chosen repayment term, ranging from 10 years to 30 years. This allows you to plan your finances accordingly, and pay your home loans at your convenience.
Another benefit is that you can lock your interest rate in. This protects you from the impacts of future economic adversities.
How to Get a Mortgage
Santander has come up with a customer-friendly online portal to aid you in your process of borrowing.
On visiting the website, you will find two options; ‘Contact a Specialist’ and ‘Pre-Qualify’. If you are seeking expert advice before moving forward, you can click on ‘Contact a Specialist’. Otherwise, click on ‘Pre-Qualify’ which will lead you to the online home loan portal.
How to Apply
As an existing member of the bank, you can simply provide your username and password and click on the ‘Sign In’ option. Alternatively, if you are yet to register with the bank, you can click on the ‘Sign Up’ option and create a new account.
You will also find an ‘Apply Now’ tab which will direct you towards a security verification page. After entering the presented code, click on ‘Continue’. This will lead you to the Customer Registration Form.
Complete the required details to initiate your application process.
Fees and Interest Rates
Please see the below rates for the different points.
Zero Points
30 Years Fixed
- The interest rate stands at 3.375%
- The monthly P&I payment is $442.09
15 Years Fixed
- The interest rate stands at 2.875%
- The monthly P&I payment is $684.58
Three Points
30 Years Fixed
- The interest rate stands at 2.875%
- The monthly P&I payment is $414.89
15 Years Fixed
- The interest rate stands at 2.125%
- The monthly P&I payment is $649.28
Eligibility Criteria
You must not own any property prior to this if you wish to enrol under the first-time buyer schemes. Furthermore, you should not have been bankrupt in the past. You will need to deposit 5% of the property’s value to apply for a mortgage.
Contact Details
Telephone
888-222-4227
Address
Santander Consumer USA
Inc. P.O. Box 961245
Fort Worth
TX 76161-1245
The Bottom Line
The Santander Mortgage is the ideal choice for a buyer who is looking to take the first step towards fulfilling the goal of purchasing their dream house.
Note: There are risks involved when applying for and using credit/loans. Consult the bank’s terms and conditions page for more information.