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Home > Home Mortgage Loans > Fixed Rate Mortgage
A fixed rate mortgage, has an interest rate that remains constant throughout the life of the loan, as opposed to an adjustable-rate mortgage (ARM) in which the interest rate can fluctuate based on market conditions.
A fixed-rate mortgage is the preferred choice for borrowers seeking safety and stability. Although a fixed-rate mortgage might not have an interest rate as low as a rate of an adjustable-rate mortgage, its rate - as well as its monthly principal and payment - will not change. That feature allows homeowners to make long-term financial plans.
When mortgage interest rates are low, as they are today, many homeowners trade adjustable-rate mortgages for fixed-rate home loans in order to guarantee low rates for the life of the mortgage.
Three factors are involved in determining the size of a homeowner's principal and interest payments of a fixed-rate home loan: the size of the mortgage loan, the interest rate, and the length of the term. Larger loans, higher interest rates, and longer terms typically mean larger monthly payments.
Fixed-rate mortgages with shorter terms generally mean lower interest rates and higher payments that allow homeowners to pay off their mortgage sooner.
The most common fixed-rate mortgage loan is the 30 year fixed rate mortgage, which offers low monthly payments to the homeowner.
home purchase center.
For more information about fixed-rate home loan refinancing, visit our home refinance center.
To find how much your monthly payment will be with a fixed-rate loan or how much you will save by refinancing, use our mortgage calculator.
For more details about fixed-rate mortgages, call 877-868-2503 to speak to a Total Mortgage loan expert now.
Call a Total Mortgage expert now at 877-868-2503 to find out how we can customize a mortgage loan with some of the lowest current mortgage rates for you.
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