Fixed Rate Home Loans

The interest rate of a fixed-rate mortgage is constant throughout the term of the loan, which means the amount of your monthly principal and interest payments remain the same from your first payment to last. The total dollar amount of the payment may increase, however, reflecting increases in taxes and the cost of hazard insurance, both of which usually are included in your mortgage payment.

If you'd like the peace of mind that comes with a stable interest-rate payment without the wild swings as the equity and bond markets do every so often, then a fixed-rate mortgage may be the ideal choice. Borrowers often choose fixed-rate mortgages when interest rates are low and are expected to rise.

These mortgage types are offered with repayment terms of:

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  • 30 year fixed rate mortgage: Monthly principal and interest payments are fixed & amortized over 30 years. This type of mortgage is preferred by borrowers who want the security of a fixed rate and lower payments than those offered by shorter-term loans.
  • 25 year fixed rate mortgage: Monthly principal and interest payments are fixed, amortized over 25 years.
  • 20 year fixed rate mortgage: Monthly principal and interest payments are fixed & amortized over 20 years. Payments on a 20 year fixed-rate mortgage generally are higher than a 30 year or 25 year fixed rate mortgage but lower than those of a 15 year fixed rate mortgage.
  • 15 year fixed rate mortgage: Monthly principal and interest payments are fixed & amortized over 15 years. This type of mortgage is preferred by borrowers who want a fixed rate and the benefit of "rapid equity accumulation" through higher monthly payments. The payments on a 15 year fixed rate mortgage are the highest of any of the fixed rate programs.