Fixed-rate mortgage.
One rate, one payment, for the whole life of the loan. The most straightforward mortgage there is, with the trade offs explained before you commit.
One rate, one payment, for the whole life of the loan. The most straightforward mortgage there is, with the trade offs explained before you commit.
The rate is set at closing and never changes. Your principal and interest payment stays the same from the first month to the last.
Buyers who plan to stay put and want a payment they can plan around for years.
Taxes and insurance collected with your payment can still move. The loan itself does not.
The price range, what you have saved and how long you expect to stay.
A fixed rate against an adjustable one, and shorter against longer terms, with the costs of each said out loud.
Rate locked, underwriting done, keys in hand. Support continues after.
You expect to keep the home and the loan for a long stretch.
You would rather know the payment than bet on where rates go.
Locking in now protects you if rates climb later.
You want one loan you understand completely.
If you expect to move or refinance within a few years, an adjustable-rate loan may cost less. Your loan officer shows you both.
Fixed gives you certainty for the whole term. Adjustable often starts lower and can change later. Which fits depends on how long you plan to keep the loan.
A shorter term means a higher payment and much less interest overall. A longer term means a lower payment. Your loan officer shows you both side by side.
Usually yes, without penalty. Your loan officer confirms for the specific loan.
Principal and interest will not. Taxes and insurance collected in escrow can.
Once you are under contract and choose to lock. Your loan officer explains how long the lock lasts and what happens if closing is delayed.
Tell us about the home and how long you plan to stay. A loan officer compares a fixed rate against the alternatives before anything is offered. Pre-qualifying will not affect your credit score.
Pre-qualify for a fixed-rate mortgage
