Fixed Rate Mortgages
 

With a fixed-rate mortgage, your monthly payments remain the same throughout the life of the loan. You might consider a fixed-rate mortgage if you:   . Are on a limited or fixed income . Prefer a consistent payment schedule . Want the security of knowing that even if interest rates rise, your payments will remain the same If you decide on a fixed-rate mortgage, there are several different types to choose from. These include:

30-Year Fixed-Rate Mortgages

Of all fixed-rate mortgages, the 30-year option offers the lowest monthly payments. That's because the loan matures over a longer period of time. If you think interest rates are likely to rise over the long term, this is a good option. Also, the low payments could help you qualify for a more expensive home.

15-Year Fixed-Rate Mortgages

With a 15-year option, you own your home in half the time by paying more each month. In return for higher monthly payments, you acquire equity faster and end up paying substantially less interest over the life of the loan.