Fixed Rate Mortgages
40 Years Fixed, 30 Years Fixed and 15 Years Fixed.

Fixed-rate mortgages are the easiest mortgage loan for home buyers to understand. Commonly referred as the 30-Yr and 15-Yr mortgage loan.

The monthly mortgage payment and interest rate are fixed — these amounts will never change.

The fixed rate mortgage is perfect for home buyers who are on fixed incomes or who do not like to see adjustments made to their mortgage payment.

Advantages
. Monthly payments are fixed over the life of the loan.
. Interest rate does not change.
. Protected if rates go up.
. Can refinance if rates go down.

Disadvantages
. Higher interest rate.
. Higher mortgage payments.
. Rate does not drop if interest rates improve.