A consistent interest rate
A fixed-rate mortgage has an interest rate that stays the same for the term stated in the loan agreement. For a fully amortizing loan with regular payments, the scheduled principal-and-interest payment generally remains the same.
Your total payment can change
Property taxes, homeowners insurance, mortgage insurance, and other charges may change even when your interest rate is fixed. If these amounts are collected through escrow, changes can affect your total monthly payment.
Choosing a loan term
A shorter term may reduce total interest but increase the scheduled payment compared with a longer term for the same amount and rate. A longer term may reduce the scheduled payment but increase total interest. Compare the actual rate, APR, fees, and repayment schedule in your personalized offer.
Discuss your options
A Loan Officer can explain product availability, eligibility, and costs for your situation. Find your Loan Officer.