Fixed-Rate Mortgage
What is it?
With a Fixed-Rate Mortgage, your interest rate is fixed for the life of the loan. Once you complete your paperwork, your interest rate will never change. You will have peace of mind and a monthly payment that’s easier on your budget over the loan term.
Program Details:
Standard terms for fixed-rate mortgages are 15 years and 30 years. You will also have the option of 10, 20, and 25-year terms.
Benefits of a Fixed-Rate Mortgage:
You're Protected
With a fixed-rate mortgage, you are protected from unexpected and possibly significant raises in monthly payments if interest rates increase.
Easy to Understand
A fixed-rate mortgage is easy to understand, and the terms vary little from lender to lender.
Variety of Terms
Standard terms for fixed-rate mortgages are 15 years and 30 years. You will also have the option of 10, 20, and 25-year terms.
Monthly Payment Does Not Change
Since your interest rate does not change, your monthly mortgage payment does not change either. A fixed-rate mortgage removes the risk of being required to make a higher mortgage payment throughout the loan.