Why get a fixed rate home loan?
- Get the security of a mortgage interest rate and payments that won’t change
- Makes budgeting easier
- Put as little down as 5%
- Federally insured FHA Fixed Rate loan programs are also available (starting at 3.5% down)
Fixed mortgage rates today come in various types, and these home loans are generally the most popular for those looking to buy or refinance a home. This is due to the security that fixed home loan rates provide, ensuring consistent monthly payments, without worry or hassle about changing interest rates. If you are planning to own your home for several years or more, a fixed rate home loan may be your best option. The most popular home loan program is the 30 year fixed rate mortgage, but 10 year fixed rates, 15 year fixed rates and 20 year fixed rates are also popular.