Fixed Rate Mortgage
A fixed-rate mortgage is the most popular loan type in America — and for good reason. Your interest rate stays the same for the entire life of the loan, which means your monthly principal and interest payment never changes. This makes budgeting easy and protects you from rising interest rates.
Key Benefits
Predictable payments — Your rate is locked in from day one, so your monthly payment stays the same whether rates go up or down in the market.
Long-term stability — Ideal for homeowners who plan to stay in their home for many years and want peace of mind.
Multiple term options — Available in 10, 15, 20, 25, and 30-year terms. Shorter terms build equity faster with lower total interest costs.
Who Is This Loan For?
Fixed-rate mortgages are ideal for first-time homebuyers, families looking for stability, and anyone who prefers knowing exactly what their housing costs will be each month. If you plan to stay in your home for more than 5-7 years, a fixed rate is typically the best choice.
Requirements
Credit score: 620+ (conventional) or 580+ (FHA) · Down payment: As low as 3% · Debt-to-income ratio: Typically 43% or less · Stable employment and income history