What Is a Fixed-Rate Mortgage?

Fixed-rate loans offer stability and reliability. Your rate and monthly payments remain the same throughout the life of your loan. In exchange for this stability you pay slightly higher rates than you’d pay at the beginning of an ARM. Fixed-rate loans can be obtained for differing term lengths. The longer the term, the lower monthly payment you have, but the more you will pay in interest overall.

Why choose a fixed rate? 

• You want the reliability of paying the same amount every month.
• You want to put down a smaller amount.
• You plan on staying in your new home longer than seven years.
• This loan may be used to purchase a home or to             re-finance your existing home loan.