Fixed Rate Mortgage
Interest rates on Fixed Rate Mortgages are still very low! If you plan to stay in your home for the long term, a consistent payment that never changes can help you prepare for your financial future.
Common types of fixed rate mortgages
15-Year Fixed
- You will pay less in interest. A 15-year mortgage means less total interest paid over the life of the loan.
- Your monthly payment will likely be higher. You're paying more toward the principal each month.
30-Year Fixed
- Lower monthly payments spread over a longer period, making homeownership more affordable month-to-month.
- ⚠You will pay more in interest. A longer mortgage means more interest charged over time.
How it Works
A fixed-rate mortgage locks in your interest rate for the entire life of the loan, providing predictable monthly payments that make budgeting easier. Unlike adjustable-rate mortgages, your rate will never change regardless of market conditions.
This stability makes fixed-rate mortgages ideal for borrowers who plan to stay in their home long-term and want protection against rising interest rates.
Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.