Fixed Rate Mortgage
Everyone's financial situation is unique, and we’re here to find the right mortgage solution for you. With expert advice and access to competitive rates, we make the process smooth and stress-free.
What is a Fixed-Rate Mortgage Loan?
A fixed-rate mortgage (FRM) is a home loan with an interest rate that remains the same for the entire term of the loan. Unlike variable or adjustable-rate mortgages, FRMs provide predictable monthly payments, making them one of the most popular mortgage options.
These loans are typically available in 10-, 15-, 20-, and 30-year terms, with the 30-year fixed-rate mortgage being the most common choice among homeowners.
Pros and Cons of Fixed-Rate Mortgage Loans
Advantages
Predictable Payments – Your monthly payment stays the same for the entire loan term, making budgeting easier.
Protection from Rate Increases – Even if market interest rates rise, your locked-in fixed rate remains unchanged.
Disadvantages
No Benefit from Rate Drops – If interest rates decrease, you’re still locked into your higher fixed rate unless you refinance.
Higher Initial Payments – Compared to adjustable-rate mortgages (ARMs), fixed-rate loans may have higher starting monthly payments, making qualification more challenging.
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Jeremy Klinker
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RateShop
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