A fixed-rate mortgage means your mortgage interest rate – and your total monthly payment of principal and interest – will stay the same for the entire term of the loan. This offers you consistency that can help make it easier for you to set a budget.
When the thought of high interest rates have you running for the hills, consider a 15-year fixed-rate loan for your new place. Many Americans choose the security and ease that comes with financing a home more quickly, especially with the benefit of lower interest rates. It’s a perfect mortgage option if you’re not planning to stay in the home for a long period of time