As the name implies, a fixed-rate mortgage
carries the same interest rate for the life of the loan. Traditionally,
fixed-rate mortgages have been the most popular choice among
homeowners, because the fixed monthly payment is easy to plan
and budget for, and can help protect against inflation. Fixed-rate
mortgages are most common in 30-year and 15-year terms, but
recently more lenders have begun offering 20-year loans. With
a shorter-term loan, the payments will be higher but the interest
will be lower. With a longer-term loan, the monthly payments
will be lower but you'll pay more in interest over the life
of the loan.
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