Data Mortgage Programs - Fixed Rate Mortgage

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Fixed Rate Mortgages

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Learn more about Basic Mortgage Products and Programs

These mortgage products are the most common known products and the foundation of nearly every home financing program.

Fixed Rate Mortgage

The fixed-rate mortgage has long been the most popular home financing product. With an interest rate that never changes, it provides stable, predictable monthly payments throughout the life of the loan. Your monthly payments won’t decrease if market rates go down, but you’ll have the comfort of knowing you are protected if rates go up.

If you plan to stay in your home for more than seven years, and prefer the security of stable payments to being at the mercy of the market, a fixed-rate mortgage may be the best option for you.

Product Types:

10 Year Fixed
15 Year Fixed
20 Year Fixed
25 Year Fixed
30 Year Fixed
40 Year Fixed

Fixed Rate Mortgage Comparison

How the Program Works	Why Choose this Program?	Factors to Consider
Annual interest rate and monthly payments are fixed for the entire term of the loan. At the end of the term, assuming all payments are made as scheduled, the loan is paid in full.	Stability. As the interest rate market fluctuates, your principal and interest payments are fixed at the original note rate for the entire term of the loan.	The annual interest rate will generally be higher than the initial annual interest rate adjustable-rate mortgage loan for a comparable amount.

Fixed Rate Mortgage Comparison

Program Advantages	Program Disadvantages
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.	Higher interest rate. Higher mortgage payments. Rate does not drop if interest rates improve.

Terms and conditions apply. Some programs may not be available in all states and they may change without notice. State restrictions and limitations may apply. This is for educational purposes only. Contact your Data Mortgage Reverse Mortgage loan representative for complete details.

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