Fixed Rate Mortgages
Fixed Rate Mortgages are most popular home financing type. This loan program can be a good option for first-time buyers or anyone on a budget needing to set monthly repayment plan. Interest rates never change, giving you stable and predictable monthly payment. Generally, refinancing from an adjustable rate to a fixed rate loan might be great option to save on interest.
Fixed rate loans are available in terms ranging from 10 to 30 years. Usually, the loan can be paid off at any time without penalty. This type of mortgage is structured so that it will be completely paid off by the end of the loan term.