Fixed-Rate Mortgage

Features of a fixed-rate mortgage

• Your interest rate and monthly principal and interest (P&I) payments remain the same for the life of your loan. 
• Available in a variety of loan term options. 

Benefits of a fixed-rate mortgage

• Predictable monthly P&I payments allow you to budget more easily. 
• Protection from rising interest rates for the life of the loan, no matter how high interest rates go.

Considerations

• The overall interest you pay is higher on a longer-term loan than on a shorter-term loan. 
• On a shorter-term loan, while the interest rate may be lower than that of a longer term loan, the monthly P&I payment is typically higher than on a longer-term loan because it's being paid off in a shorter time period.