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Fixed Rate Mortgage
Your interest rate and payment stay the same for the life of the loan.
A fixed rate isn't its own loan program so much as a choice you make within one — Conventional, FHA, VA, and USDA loans are all commonly available with a fixed rate. It simply means your interest rate (and therefore your principal-and-interest payment) is locked in for the entire term, with no surprises if market rates move.
Generally a good fit if you...
- Plan to stay in the home for a long time
- Want predictable, stable payments you can budget around
- Would rather avoid the risk of a rate adjusting upward later
General guidelines
- Terms: most commonly 30, 20, or 15 years, though other terms are sometimes available
- Rate: set at closing and never changes for the life of the loan
- Trade-off: fixed rates are often slightly higher than an introductory adjustable rate, in exchange for that long-term certainty
Want to compare a fixed rate against your other options?
Every situation is different, and these are general guidelines — the fastest way to know where you stand is a quick conversation. Send us a message or visit our team page to apply directly.