Fixed Rate Mortgage Loans

Fixed Rate Mortgage Loans

What is a Fixed-Rate Mortgage Loan?

A fixed-rate mortgage (FRM) is a mortgage loan that has a fixed interest rate for the entire term of the loan. Generally, lenders can offer either fixed, variable or adjustable-rate mortgage loans with fixed-rate monthly installment loans being one of the most popular mortgage product offerings.

These mortgages are typically available in 5 year increments between 10 and 30 year terms. The 30-year fixed rate mortgage is the most common type of mortgage people take out.

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Fixed-Rate Mortgage Loans Advantages

  • You will always know exactly how much of a payment is due each month. So if lending rates go up you still pay the lower fixed rate that you are in.

Fixed-Rate Mortgage Loans Disadvantages

  • If interest rates drop, you still pay the locked-in fixed rate.
  • Sometimes a fixed rate loan can be harder to obtain from a lender due to higher monthly payments.

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