Fixed Rate Mortgage
The gold standard of home loans. Lock in your interest rate for 15 or 30 years and enjoy consistent, predictable monthly payments.
Check Fixed Rate Mortgage RatesWhat is a Fixed Rate Mortgage?
A fixed-rate mortgage is a home loan where the interest rate remains exactly the same for the entire life of the loan. This means your principal and interest payment will never change, protecting you from rising market rates.
The two most common terms are 30 years and 15 years. A 30-year term offers lower monthly payments, while a 15-year term builds equity faster and saves you tens of thousands in interest.
Who is this for?
Perfect for buyers who plan to stay in their home long-term (7+ years) and value the security of a predictable monthly budget.
Pros
- Monthly payments never change
- Protection against rising inflation and interest rates
- Easy to understand and budget for
- Widely available from almost all lenders
Cons
- Initial rates may be slightly higher than an ARM
- Takes longer to build equity on a 30-year term
- If rates drop significantly, you must refinance to get the lower rate
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