Fixed-rate mortgage
Predictable payments for the life of your loan
With a fixed-rate mortgage, you're protected from rising interest rates, no matter what.
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What is a fixed-rate mortgage?
Fixed-rate mortgage basics
- With a fixed-rate mortgage, your interest rate and monthly payment stays the same for the entire term of the loan.
- Fixed-rate mortgages are available in conforming or jumbo loan amounts.
- The 30-year fixed-rate mortgage is the most common loan type, but a 20-year or 15-year term could make sense if you want to pay off your mortgage sooner.
Fixed-rate mortgage benefits
- You get the comfort of knowing your payments won't increase even if mortgage rates go up.
- Predictable monthly payments make it easier to set your budget and plan for future expenses.
- Fixed-rate mortgages require down payments as low as 3%, which makes them a great choice if you are buying a home on a budget.
Fixed-rate mortgage terms
30-year fixed-rate mortgage
- Monthly payment is lower than a 20- or 15-year term
- Interest paid over the full loan term is higher than a 20- or 15-year term
- May qualify for a larger loan amount
20-year fixed-rate mortgage
- Monthly payment is higher than a 30-year term, and lower than a 15-year term
- Interest paid over the full loan term is lower than a 30-year term, and higher than a 15-year term
15-year fixed-rate mortgage
- Monthly payment is higher than a 20- or 30-year term
- Interest paid over the full loan term is lower than a 20- or 30-year term
Other mortgage loan types to consider
Talk with a home mortgage consultant about loan amount, type of loan, property type, income, first-time homebuyer, and homebuyer education requirements to discuss eligibility. With a low down payment, mortgage insurance will be required, which increases the cost of the loan and will increase your monthly payment
FHA loans have the benefit of a low down payment, but consider all costs involved, including up-front and long-term mortgage insurance and all fees. Ask your home mortgage consultant to help you compare the overall costs of all your home financing options.
Get a customized rate and payment
See how much you could qualify to borrow and what your estimated rate and payment would be. It takes just a few minutes and won’t affect your credit score.
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