What is a Fixed Rate Mortgage Loan?
A fixed-rate mortgage keeps the same interest rate throughout the loan term. The scheduled principal-and-interest payment on a fully amortizing fixed-rate loan stays consistent, while taxes, insurance and other parts of the total payment may change.
A Stable Interest Rate
A fixed-rate mortgage keeps the same interest rate for the loan term. On a fully amortizing fixed-rate loan, scheduled principal and interest remain consistent. Your total payment may still change because of property taxes, insurance, mortgage insurance or other charges.
Compare Terms and Programs
Fixed rates are available under different mortgage programs, subject to eligibility. A shorter term can reduce total interest but may require a higher monthly payment. A longer term can reduce the scheduled payment while increasing total interest. Compare actual offers rather than assuming one term is always best.
Review Your Situation
The lender reviews income, credit, debts, funds and the property under the selected program. Ask for a full payment estimate and an explanation of closing costs before deciding.
Find Your Next Step
Ask a TGBMC home loan advisor, call (469) 351-1081, or start your secure application.
An inquiry is not a loan approval or rate lock. Use the secure application process for financial documents.
Official resource: Learn more about this program.
There are different types of Fixed Rate Mortgage Loans to choose from, each with their own eligibility criteria and interest rates. It is important to carefully evaluate your options and speak with The Good Buy Mortgage Company to determine which type of Fixed Rate Mortgage Loan is right for you.
