Fixed Rate Mortgages

If you are planning on staying in your home for more than 5 years and want the security of a monthly mortgage payment that will never change, a fixed rated mortgage is a smart choice. Of course, your property taxes and homeowners insurance may increase over time, but your principal and interest payments will stay the same.

Fixed rate mortgages are available for 40 years, 30 years, 20 years, 15 years and even 10 years but the most common fixed rate loans are 15 and 30 year mortgages.

30 year fixed

• easiest fixed rate loan to qualify for
• lowest monthly payment of the fixed rate loan choices
• keeps home loan payments affordable by extending them over a long period of time
• provides maximum tax-deductible interest (consult your tax advisor)

15 year fixed

• has a lower interest rate than a 20 or 30 year loan (but higher monthly payments)
• helps you pay off your home even faster and build equity quicker than a 20 or 30 year
• saves considerable money on total interest paid over the life of the loan