Fixed Rate Loan

The conventional fixed rate loan is the most popular and secure home loan options.  The interest rate and monthly principal/interest payment never changes during the life of the loan; therefore, a homeowner knows exactly how to budget for the monthly mortgage payment.  Fixed rate loans are available in terms ranging from 10 to 30 years and can be paid off at any time without penalty. This type of loan is amortized so that it will be completely paid off by the end of the loan term.

  • 30 year fixed:
    • Amortized over 30 years.  Keeps monthly mortgage payment low to help improve monthly cash-flow.  Great option for first time homebuyers or people who want to keep monthly payments low.
  • 20 year fixed:
    • Amortized over 20 years.  Monthly mortgage payment a bit higher than 30 year fixed, but pays down more principal each month and less interest.  Great option for people who want to build equity faster and can afford a bit higher monthly mortgage payment.
  • 15 and 10 year fixed:
    • Amortized over 15 or 10 years.  Lower rates than 30 or 20 year fixed. Higher monthly mortgage payment.  Shorter term with lower rates means you'll own your home much sooner.  Total interest savings over the life of loan is amazing compared to 30 or 20 year fixed rate options.  Ask us to take a look!  The savings will surprise you!  Great option for higher income people who can afford the monthly mortgage payment and want to pay off home before they retire.

A fixed rate loan is a great option for homeowners who want a fixed monthly mortgage payment, plan to stay in their home for many years or aren't sure how long they'll stay, but don't want uncertainty of an adjustable rate loan.