Fixed Rate Mortgage
An interest rate that stays the same throughout the entire life of the loan.
The most popular and common mortgage loan is the traditional fixed rate loan. The interest rate on a fixed rate loan will never change over the life of the loan. For this reason, the monthly principal and interest payment also never changes. Although the principal and interest payment is constant, it is important to remember that if you escrow for your property taxes and insurance, these costs can fluctuate over time. As these costs change, your total monthly payment (including escrows) can vary from year to year.
"My lender made it very simple and easy to understand. Toward the end of the process, I took a step back and was able to enjoy the fact that I was soon to be a homeowner! Since the closing, I have been transforming the house into MY home. It is life-changing to walk into your new home and realize that IT'S YOURS."
- Milton W.