FIXED RATE MORTGAGE

WHAT IS IT?
The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed rate mortgages are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. 

IS IT RIGHT FOR ME?

Fixed rate mortgages usually have terms lasting 15 or 30 years. Throughout those years, the interest rate and monthly payments remain the same.  You would select this type of loan when you:

  • Plan to live in home more than 7 years
  • Like the stability of a fixed principal/interest payment
  • Don't want to run the risk of future monthly payment increases
  • Think your income and spending will stay the same