As its name implies, a fixed rate mortgage is one where the interest rate on your home loan remains the same throughout its duration.
This differs from a loan where the interest rate may change over time, such as an adjustable rate mortgage.
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This differs from a loan where the interest rate may change over time, such as an adjustable rate mortgage.
Fixed rate mortgages are the most popular form of home loan in the United States largely due to the appeal of a consistent mortgage payment amount over the life of the loan.
In many instances, fixed rate mortgages have higher mortgage payments than adjustable rate mortgages. This is most often because the interest rate remains unchanged for the duration of the loan.
The biggest benefit of a fixed rate mortgage is the fact that the interest rate does not change over time.
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The mortgage term is the number of years you repay the loan. Fixed-rate mortgages usually come in terms of 15 or 30 years. Here are some pros and cons of each term:
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With flexible options, program expertise, and superior service, we’ll work with you from application to close to ensure a smooth loan process and create a loan program that meets your financial needs and goals.
To apply online, simply complete our application form and we will back to you as soon as possible.
Apply NowSimple download and complete the application form ans submit to our near branch office.
Download PDFTo learn more about getting pre-approved for your next mortgage.
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Have a question? Speak to a Quanto specialist at (800-123-1234)
Speak to a Quanto specialist at (800-123-1234)