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Riding on the Safe Side of the Fence with a Fixed Rate Mortgage Loan

Finding the perfect home is a dream come true, but figuring out how to finance that home could be a nightmare. The most classic home loan offered is a fixed rate mortgage loan where you have the same interest rate and monthly payment throughout the life of the loan. When choosing a fixed rate mortgage consider such factors as the length of the loan, down payments and finding a lender that offers the lowest rates.

Please note that all information on this website is general information ONLY and should NEVER replace the advice of a trusted mortgage broker or adviser.

Fixed Rate Mortgages 101

The most common fixed rate terms are 15-year and 30-year mortgages. Longer-term mortgage plans combined with larger down payments equal smaller monthly payments. So it is best to do some comparison-shopping with multiple institutions and lending services to find the lowest fixed rate mortgage plan for you.

Fixed Rates vs. Flexible Rate Mortgages

An alternative to fixed rates plans are adjustable rate mortgages (ARMs) where rates change throughout the term of the loan. Typically, ARMs have lower rates to start off with, but with flexible mortgage rates, prices could go up at a later time. For many Americans, a fixed rate mortgage offers stability with consistent monthly payments. But ARMs are good for people who are planning to stay in a home for a short time or for those who have a higher earning power and are willing to risk the beginning lower rates to save costs later down the line. Working with a lender can help you choose whether a fixed or flexible mortgage plan that will work best for you.