Fixed Rate Mortgages

• Rate never changes
• Payment never changes
• Loan is paid off at the end of the term
• Traditional mortgage

Fixed rate mortgages are the traditional mortgage that most people have known over the last 50 years. These types of mortgages will have the same interest rate and the same payment for the entire life of the loan. The most common are 30 year fixed, 15 year fixed and 10 year fixed rate mortgages.

The loan will be completely paid off once the term is complete. The loan will essentially stay the same over the entire term. The only thing that changes during the term of fixed rate mortgages is the amortization. You can look at an amortization table to better understand how the amortization will change and to compare fixed rate mortgages. Early in the term home owners will pay a vast majority of their payment towards interest and very little towards principal. Towards the end of the term the payment is applied almost entirely to principal while only a small amount of the payment gets paid towards interest. The interest on fixed rate mortgages is essentially front loaded due to this amortization.

We are proud to offer the cheapest fixed rate mortgages available. With our no fees guarantee we are able to offer home owners a refinance without the fees. Our lenders are ready to deliver the best service coupled with the lowest fees. You should always compare fixed rate mortgages before coming to a decision on which term is best for you. The shorter term mortgages will generally have a lower interest rate than longer term mortgages. You will also pay much less total interest over the life of the mortgage if you opt for a shorter term.

Fixed rate mortgages have become increasingly popular over the last few years. Many home owners have seen the downsides of Adjustable Rate Mortgage and simply want the stability that the best fixed rate mortgages have to offer. With rates at very low levels many people are looking to get out of their ARM's and into a more stable mortgage. Find out what FreeHomeRefi.com can do for you today.