Mortgage Advisors

mortgage advice

Fixed Rate Mortgage

A fixed-rate mortgage is one in which the interest rate stays the same throughout the life of the loan. This gives the borrower the benefit of knowing what all of the monthly mortgage payments will be for the duration of the loan. The monthly payment is calculated by the principal and interest. The biggest advantage of a fixed-rate mortgage is that no matter how interest rates fluctuate, you know what you will have to pay each month. A fixed-rate mortgage may be the right choice for you if interest rates are low, you plan on owning the home for a long period of time, and you like to know what to expect with your monthly payments.