Fixed-Rate Mortgages
With a fixed-rate mortgage, the interest rate does not change. The principal and interest portion of the payment stays level, while taxes and insurance can still change.
General potential benefits
- Predictable principal and interest payment
- Simple to compare across lenders
General considerations
- The starting rate may be higher than an adjustable-rate alternative
- Refinancing is required to change the rate later
Common eligibility factors
- Standard credit, income, and property review
Possible costs
- Standard closing costs
- Optional discount points
Questions to ask a mortgage professional
- Which loan programs am I likely to be eligible for, and why?
- What documentation will you need from me, and when?
- How do the estimated closing costs compare between programs?
- How would a change in my down payment affect my monthly payment?
- What would change if my credit profile improves before closing?
Readiness checklist
- Compare 30-year and 15-year total interest
- Ask how discount points change the rate
Frequently asked questions
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Use the calculators to model a payment with your own rate, tax, and insurance assumptions. Nothing you enter is submitted anywhere.
This guide is educational. Eligibility factors described here are common considerations, not universal or guaranteed requirements. Nothing here is a loan offer, an approval, or a rate commitment. A licensed mortgage professional must verify actual terms.