Are you looking for the safety and stability of predictable monthly payments? A fixed-rate mortgage offers you consistency that can help make it easier for you to set a budget. Your mortgage interest rate, and your total monthly payment of principal and interest, will stay the same for the entire term of the loan.
With a Fixed Rate Mortgage, fluctuations in the market will not have an impact on the rate or your mortgage payment. Your Principal and Interest Payments remain the same the entire term of your loan. Because of this, these types of home loans are the most popular mortgages in the U.S.
Fixed-rate mortgages are a good choice if you:
Think interest rates could rise in the next few years and you want to keep the current rate.
Plan to stay in your home for many years.
Prefer the stability of a fixed principal and interest payment that does not change. Please keep in mind, if property taxes and insurance increases the mortgage payment will increase if the loan is escrowed.