Fixed Rate Mortgage Loans
Looking for a mortgage that has a monthly payment you can rely on? Learn more about a Fixed Rate Mortgage loan requirements, common FAQs, fixed rate mortgage benefits, and how to apply.
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A fixed rate mortgage is a reliable option because it offers predictable monthly payments. The mortgage interest rate is consistent for the life of the loan, compared to an adjustable-rate mortgage that changes over the course of the loan.
Key Considerations
- You're planning to be in your home for a while.
- You're looking for a mortgage that has a monthly payment you can rely on.
- You suspect interest rates could rise in the next few years and you want to maintain your peace of mind with the stability of a fixed interest rate.
Key Benefits
- Predictable monthly payments
- Your principal and interest payment will not change over the life of the loan
- Potential down payment assistance
Common Fixed Rate Mortgage Terms
Fixed rate mortgages are most often offered in 30, 20, 15 and 10 year terms. Here’s what to know about each:
30-Year Fixed Rate Mortgages
The most common term for a fixed rate mortgage is 30 years. Like all fixed rate mortgages, the interest rate remains consistent, or fixed, for the full loan term—in this case, 30 years. A 30-year fixed rate mortgage is popular because of the lower monthly payments due to the payments being spread over a longer period of time. However, because of the longer term, you will pay more interest than you would with a shorter-term mortgage.
10-, 15- and 20-Year Fixed Rate Mortgages
While the 30-year fixed rate mortgage has long been popular, 10-year, 15-year and 20-year fixed rate mortgages are also available. The shorter terms allow borrowers to pay off their mortgages sooner and pay less in interest as a result. Monthly payments are higher with a shorter-term fixed rate mortgage, which can impact the amount of mortgage an income can support.
Mortgage Calculators
Need help answering questions like, “How much will my monthly mortgage payments be?” Use the calculators below to easily find out the answers you’re looking for.
Calculate your monthly mortgage payment for a given purchase price, down payment, interest rate, and loan term
Find out how much you can borrow for the home of your dreams
Find out whether it’s better to make a small or large down payment
Fixed Rate Mortgage FAQs
First Time Home Buyer Guide
Buying your first home—it’s very exciting and a little scary. But that’s ok. Our Mortgage Loan Originators can help you find the mortgage that fits your finances.
Get to know the terms you may hear during the home-buying process
Learn about terms used in mortgage loans with our mortgage glossary & get answers to mortgage frequently asked questions in our FAQ section!
The Mortgage Refinancing Process and Its Benefits
Refinancing a mortgage offers a variety of potential benefits for homeowners. Here’s what to know about the mortgage refinancing process and how to get started.
We’re here to help.