FIXED RATE HOME MORTGAGES

Fixed rate home mortgages are (as they imply), mortgage loans in which the rates do not change over the life of the loan.  Typically, the term is 30 or 15 years, however, they are available in 5, 10, 20, 25, and 40 year terms as well.  In general, the shorter the term, the lower the rate will be .

Fixed rate mortgages are ideal for people on fixed incomes, people who are at the top of their salary range in their careers, and those who are retired or in the "last home they will buy".

If one can afford a fixed rate mortgage, it is very often the mortgage of choice as it provides peace of mind knowing that the monthly payment cannot increase.

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