fixed rate mortgage means that the interest rate remains
unchanged for the life of your mortgage loan and locked into a
set interest rate. Fixed rate mortgages keeps your monthly
expenses consistent and some prefer it as it makes budgeting
easier. If you have reason to think interest rates are
going to increase, a fixed rate mortgage is probably the best
option for you.
commonly fixed rate mortgages are repaid over a 30 year term,
additionally, there is a 15 year fixed rate mortgage available.
Another option is an Adjustable (ARM) Rate Mortgage with variable rates and changing monthly
payments. Compare both type of mortgage loans to see
which would best suit your needs. More
Adjustable Rate Mortgages