Fixed Rate Mortgages

This type of loan is best for you if you like knowing what your monthly payment will be and you will be keeping the home at least 7 years.

Advantages

• Monthly payments are fixed over the life of the loan
• Interest rate does not change
• Protected if rates go up
• Can refinance if rates go down

Disadvantages

• Higher interest rate
• Higher mortgage payments
• Rate does not drop if interest rates improve