Fixed Rate Mortgages / Fixed Rate Loans
The fixed rate mortgage has long been the most well-liked home financing product. With an interest rate that never changes, it provides stable, predictable monthly payments throughout the lifetime of the loan. Fixed rate mortgages are ideal for first time home buyers and anyone who needs a safe, conservative monthly repayment terms. When you refinance into a fixed rate mortgage you are budgeting your debt for the future, knowing you took little financial risk otherwise.
The traditional fixed rate mortgage is widely used today over alternative more risky loan programs. This loan is typically called the plain vanilla loan, where it simply plain and never changes. Fixed rate mortgages are on the market in terms ranging from 10 to 30 years and may be paid off early without penalty.
