The “fixed rate mortgage” is the most common and uncomplicated mortgage available to homeowners today. As the name suggests, the interest rate is fixed throughout the term of the loan, which is generally 30 years.
While the FRM is the most popular option, it may not be YOUR best option. It does offer peace of mind knowing that your principal and interest will not change for the duration, but we want you to understand all features of the program.
The 30-Year Fixed is the most widely used option, but there are 20, 15 and 10-year amortization options as well. Let us help you make the best choice in achieving your home ownership goal.