Fixed Rate Mortgage

If you plan to stay in your home for the long term and want a consistent payment that never changes then a fixed rate mortgage might be for you. It is easy to budget with a consistent mortgage payment at a low rate that will stay the same through the life of your loan and interest rates on Fixed Rate are still very low!

Types of fixed rate mortgage

The 15-year mortgage

Since you are paying more towards principal your monthly payments will likely be higher. Even with the lower interest rate, you will probably have a slightly higher payment with a 15-year mortgage but you will be mortgage-free in half the time, which is no small feat.

The 30-year mortgage

Your monthly payment will likely be lower because you are spreading out your payments over a longer period of time. If your monthly budget is tight, this can be a better option for you. It only makes sense that the longer the mortgage equals the more interest charged.

How it Works

• Monthly payments are based on interest rate, principal loan amount, and amortized interest over 30 years. Your payment will not change throughout the life of the loan.
• Your actual payment will vary based on your situation and the current interest rates when you apply.
• Pay your mortgage off at any time without pre-payment penalties.

Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.