Fixed-Rate Mortgages

What is it?

A fixed-rate mortgage has the same interest rate for the life of the loan.

Advantages of a fixed-rate mortgage

  • If interest rates increase, your mortgage won't be affected.
  • You'll know what to expect from your mortgage payment, making budgeting and planning easier. 

Disadvantages of a fixed-rate mortgage

  • If interest rates drop throughout the term of your mortgage you won't benefit unless you refinance.
  • They can be more expensive than an adjustable rate mortgage (ARM)

Is it right for you?

Fixed-rate mortgages are a good option for people who:

  • are buying their first home
  • can't commit to watching the markets to judge the impact on their ARM
  • are looking for stability in their mortgage payments

How would a fixed-rate mortgage affect your loan? Check out the estimated mortgage rates for a fixed vs. ARM loan and then calculate your monthly payments

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