Lock in your interest rate for the life of the loan with a Fixed Rate Mortgage
Fixed-Rate Amortizing Mortgage Loan: A mortgage with principal and interest payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change. This is a secure and stable loan program. Fixed rate is the right fit for most home loan applicants particularly those that plan to remain in the home longer than five years. An ‘Interest Only’ feature can affect the loan’s principal repayment and are not advantageous for most consumers.
A fixed mortgage is ‘amortized’ meaning the principal is repaid on a set schedule over the life time of the loan. Most of these loans permit borrowers to repay the principal at a faster rate. Doing so will shorten the time period until the loan is paid in full.
Common fixed rate mortgage terms in years: 30, 25, 20, 15 and 10.