Fixed-rate loan is the most common type of mortgage. The loan term is typically 15, 20, or 30 years, and provides a constant interest rate and loan payment through the life of the loan.

• A constant principal and interest payment provides security in the knowledge that this amount will not change over the life of the loan. This is also helpful when planning for future expenses.
• A constant payment also insures against the risk of inflation, particularly if you are planning to keep the property for more than just a few years.

• While the principal and interest portion of your mortgage payment does not change, taxes and insurance will adjust over time which may affect your overall payment.
• If interest rates decrease, your principal and interest payment will be more than what would be available in a refinance, or adjustable-rate mortgage.

Contact us for more information about Fixed-Rate loans.