Fixed Rate Mortgages

A fixed rate mortgage is a home loan in which the interest rate remains the same throughout the entire loan term. This means that the principal and interest portion of your monthly mortgage payment stays consistent over time, making it easier for homeowners to plan their budgets.

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Fixed rate mortgages are commonly available with 15-year and 30-year loan terms. A shorter loan term usually results in higher monthly payments but allows the borrower to pay off the loan faster and pay less interest overall. Longer loan terms typically have lower monthly payments but may result in paying more interest over time.

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Because the interest rate does not change with market conditions, fixed rate mortgages provide stability and predictability, making them a popular choice for buyers who plan to stay in their homes for many years.