Exactly as its name implies, a Fixed Rate Mortgage has a fixed interest rate that remains static for the life of the loan. This provides homeowners with a consistent recurring payment and protects them from surprise jumps in their rate or payments.
A Fixed-Rate Mortgage is probably for you if:
- You have long term goals for your home
- You need the peace of mind of having the same payment for the life of your loan
- You prefer not to have to deal with the potential of fluctuating interest rates
- You are confident and comfortable with your monthly payment
To get more information about this loan product, contact your Loan Officer today.