Fixed Rate

Fixed Rate:

10, 15, 20, 25 and 30 year fixed10, 15, 20, 25 and 30 year fixed

A fixed rate mortgage is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust.

Advantages:

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Monthly payments are fixed over the life of the loan.

Interest rate does not change.

Protected if rates go up

Can refinance if rates go down.

*The payment amount is independent of the additional costs on a home sometimes handled in escrow, such as property taxes and property insurance.