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Fixed Rate Overview

Fixed Rate mortgages are the most popular home loans available for buying a home or refinancing an existing mortgage. They offer borrowers the security of stable, affordable monthly payments and protection from market changes.

A Fixed Rate mortgage is a loan featuring an interest rate that stays the same over the life of the loan, as opposed to an ARM mortgage, which has an interest rate that can adjust periodically. Fixed Rate loans are among the most popular loan options for borrowers seeking to purchase or refinance a home loan, as they offer the stability of an unchanged monthly payment, regardless of market fluctuations. With a Fixed Rate mortgage, your payment will be the same every month, so you can plan your finances accordingly.

15 Year Fixed mortgages and 30 Year Fixed loans are the most popular loan types for buying a home and for refinancing a current mortgage.

You can use our Fixed Rate mortgage calculator to get an idea of what your mortgage payment might be.

Fixed Rate Benefits

Many borrowers choose a Fixed Rate loan to buy a home or refinance because of the Fixed Rate advantages:

  • Affordable Payments: With terms from 10 to 30 years, you can choose how quickly you pay off your mortgage.
  • Security: Particularly popular with first time home buyers, the security of a fixed rate loan is attractive to many borrowers. Even if current rates go up, yours won’t. You’ll have consistent monthly payments with no surprises, so you can plan your finances accordingly.
  • Loanterms are straightforward and easy to understand

Fixed Rate Requirements

Having a credit preapproval can:

  • Save you time shopping for properties in your price range
  • Create credibility with sellers by letting them know you’re qualified and serious
  • Speed up the closing process and get your loan funded sooner
  • Improve your experience in the home buying process

If you’re looking to refinance your mortgage with a Fixed Rate loan, you’ll want to have proof of income and copies of:

  • Homeowner’s Insurance: Verify adequate coverage
  • Proof of Income: Show past employment and income history
  • Asset Information: Bank account statements, 401k, and other investment records

Fixed Rate Loan Options

15 Year Fixed Mortgage

Offering all the advantages of a 30 Year Fixed Rate mortgage, the 15 Year Fixed allows you to repay your mortgage in half the time of a 30 year term.

The shorter, 15 year term means you will:

  • Have a lower interest rate than a 30 Year Fixed
  • Pay less interest over the life of the loan since the loan is being paid off faster
  • Build equity faster than in a 30 Year Fixed mortgage

The 15 Year Fixed is ideal for first time home buyers, move-up buyers, or for refinancing your current mortgage.

30 Year Fixed Mortgage

One of the most popular loan options, the 30 Year Fixed offers the security of a fixed rate plus an affordable payment. You will always know your monthly mortgage payment and you can budget accordingly.

30 Year Fixed Rate loans offer:

  • Even more affordable payments than 15 year fixed loans
  • Security of consistent payments
  • Protection from inflation

Call us at (813) 956-5337 for help today!

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