Definition: A mortgage with an interest rate that remains constant for the life of the loan.
Fannie Mae’s Multifamily Mortgage Business offers financing options for loans with fixed-rate options for the acquisition or refinance of apartments or other multifamily properties.
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A bank may suggest that a borrower use an interest rate swap (IRS) in conjunction with an adjustable-rate mortgage (ARM) instead of a traditional ARM or fixed-rate commercial real estate loan product when interest rates are low but expected to rise in the future. This hedges future interest rate risk and can have certain advantages over typical fixed rate mortgage products. Typically borrowers will choose a swap rather than a typical ARM or fixed rate portfolio loan for the following reasons:
Fannie Mae’s Multifamily Mortgage Business offers a 7-year variable-rate financing option with an embedded cap, and an option to convert to fixed rate.
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The Freddie Mac fixed rate program provides streamlined and flexible financing for apartment and multifamily properties.
Fannie Mae’s Multifamily Mortgage Business offers long term financing with a very competitive variable interest rate that is convertible to a fixed rate.
