Flagstar Bank is situated in Michigan and has branches all across the state. It was founded in 1987, and it is the largest savings bank in the state. The bank is also a leader when it comes to mortgage lending. The company possesses mortgage lending retail locations in 21 states, and thousands of borrowers have taken advantage of the Flagstar Bank mortgage rates. This article will give you the most current and up-to-date information about Flagstar Bank loans and the rates they offer.

Flagstar Bank Current Mortgage Rates

You can find the bank’s current mortgage rates on their official website. The table below will give you information about the rates that the bank provides.

Type of Mortgage Rate Interest Rate APR (Annual Percentage Rate) (Annual Percentage Rate) Estimated Monthly Payment
30-year fixed 3.70% 4.11% $1243
20-year fixed 3.50% 3.73% $1566
15-year fixed 2.82% 3.18% $1841
5/1 ARM 2.77% 3.78% $1092
30-year FHA fixed 3.25% 4.48% $1196
10/1 ARM 3.15% 3.87% $1160
7/1 ARM 2.89% 3.87% $1122

***It is important that you check the website for the latest information. Rates can fluctuate frequently.

Related: Flagstar Bank Mortgage Account Login

Flagstar Bank Mortgage Rates Additional Information

It is easy to feel overwhelmed when purchasing a new home, as there are so many mortgage options available. The longest term available is a 30-year loan. With a 30-year fixed loan, the interest rate is constant, so it does not change throughout the life of the loan. If you are ok with a higher monthly payment, you might want to shorten the loan to 20 or 15 years. The shorter the term, the more money you will save.

You also have the option of getting an adjustable-rate mortgage. With this option, your rate is fixed over a period of time, usually 5 to 7 years. The rate will then adjust depending on the market trends.

A non-conforming loan with high amounts is a jumbo loan. Jumbo loan rates are available for new purchase or finance.

With Flagstar Bank, you can get a conventional loan or a government-backed loan. With loans that the Federal Government insures, a lower down-payment amount will be necessary, and the credit requirements are more lenient.

A conventional loan requires a higher down payment and better credit score. However, they might be less expensive.

When the interest rates are low, you might choose to refinance your mortgage. Refinance mortgage rates can lower your monthly payment amounts or shorten the life of the mortgage. You might also choose to take some cash out.

With Flagstar Bank, you can get pre-qualification for a loan, so you will know how much you can afford. You can apply quickly and easily online. Qualification will depend on your credit history and credit score. Your income and employment information will also count. The lender wants to make sure you can repay the loan.

It is a good idea to use a mortgage calculator that will help you know how much you can afford. You can find one on their website.

Monthly Mortgage Payment Example

Type of Mortgage Rate 30-year fixed rate 20-year fixed rate 15-year fixed rate
Mortgage Amount $300,000 $300,000 $300,000
Interest Rate 3.70% 3.50% 2.82%
APR (Annual Percentage Rate) 4.11% 3.73% 3.18%
Number of Payments 360 240 180
Average Monthly Payment $1380.85 $1739.88 $2045.87
Total Amount of Interest $197,105.62 $117,571.00 $68,257.10
Total Amount Paid $497,105.62 $417,571.00 $368,257.10

***The values in this table are approximate results of our calculations and can vary depending on the type of credit you opt for. Please note that these are our examples and not offered by the financial institution.

A Flagstar representative is waiting to help you with the Flagstar Bank mortgage rates.The customer service is top-notch, and you will feel confident that your loan is what you need. The website is easy to navigate, and you can make payments online. You can then enjoy the advantages that come with being a homeowner.