The traditional 30-year fixed rate mortgage has a constant interest rate and monthly payments that never change. This can be a good choice if you plan to stay in your home for seven years or more. If you plan to move within seven years, adjustable rate home loans are usually cheaper.
As your Lender, we are here to ensure the home mortgage process is less intimidating by providing support and understanding designed to help guide you along the way, starting with our 30−Year Fixed Rate Mortgage Searcher.
Generally, it can be more difficult to qualify for fixed rate loans than for variable rate loans. When interest rates are low, fixed rate loans are usually not much more expensive than adjustable rate mortgages and can be a better deal in the long run because you can lock in the rate for the duration of your loan.