Fixed-rate mortgages are loans with a fixed interest rate for the entire term of the loan.
Terms can range anywhere between 10 and 30 years for fixed-rate mortgages. This is ideal for those who want to know how much they will be paying each month.
Fixed-Rate Mortgage Benefits
If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you:
- Offers consistent monthly payments and interest rates
- Protects you from rising interest rates
- Different term length options