Fixed-Rate Loans

Fixed-Rate Mortgages

Just as the name implies, a Fixed-Rate Mortgage is a loan with an interest rate that does not change for the entirety of the loan. Standard fixed-rate mortgages usually are for 15, 20 or 30-year periods. Unlike the ARM, there are no indexes, margins, or caps in fixed-rate mortgage, because they are not variable-rate loans. For borrowers who can grab a low rate and don’t want any surprises on their monthly statements, a fixed-rate mortgage is perfect!

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15- and 20-Year Mortgages

Shorter terms mean a faster payoff and less interest paid. The monthly payments would be higher than a 30-year, but the equity in your home is built up more quickly.

30-Year Mortgage

This mortgage is a good option for someone who wants to see lower payments each month. Unfortunately, you will pay more interest throughout the life of the loan.
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Frequently Asked Questions

Who would a Fixed-Rate loan be a good for?

  • If you want a consistent monthly payment
  • If you aren’t expecting to relocate, refinance or move in the next few years
  • If you aren’t sure if you’ll see an income increase in the next few years

These are just three examples, to find out more it would be in your best interest to contact us directly and speak to one of our mortgage professionals.

Will my payments ever change

With a Fixed Rate Mortgage, the rate and payment will remain the same throughout the life of the loan. If you want to change the terms of your loan, you will have to refinance.

What will my rate be?

Your rate is calculated based on a variety of factors, including credit qualifications, loan-to-value, loan amount and other criteria.