Fixed Rate Mortgage Loan
In a fixed rate loan, your interest stays the same during the whole life of the loan, usually around 30 years. The advantage of a fixed-rate is that you always know exactly how much your monthly payment will be, and you can plan for it. The price of potentially saving money overshadows the risk of potentially higher costs with that of an Adjustable Rate Mortgage (ARM).
Fixed rate mortgages are available for a wide selection of loan term, including but not limited to 30, 20, 15, and 10 years. The most popular are the 30 and 15 year. With the longer term that amount of monthly payment are lower than the shorter term. However, if will to pay more monthly with a shorter term, you are able to pay off the loan in a shorter period of time.