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Fixed-Rate Loans
When buying looking for a mortgage, it’s important to pick a loan that will work best with your lifestyle and financial situation.
With most fixed-rate mortgages, your monthly principal and interest payment will not change for the term of the loan, regardless of whether interest rates rise or fall. In exchange for that stability, you may pay a higher interest rate than you would with an adjustable-rate loan. Fixed-rate loans are available with different length terms; usually, the longer the term, the lower your monthly principal and interest payment will be.
A fixed-rate loan may be best for you if your income is consistent and reliable, if you plan on staying in your new home longer than seven years, or if you're looking to buy a home with the lowest down payment possible.
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