A fixed-rate mortgage is a home loan program with a predetermined interest rate for the entire term of the loan. Basically, the interest rate on this type of mortgage will not change over the loan's lifetime, meaning that the borrower's payments will remain the same each month. With this type of home loan, even fluctuations in the market will not impact the rate.
Fixed-rate mortgages offer a lot of stability which is why they are the most popular mortgage option in the U.S. Did you know that several types of home loans have fixed rates? Contact us to discover which is right for you!