Loan programs
Fixed-rate mortgages
With a fixed-rate mortgage, your interest rate never changes. Your principal and interest payment stays the same from the first month to the last, which makes budgeting simple — especially if you plan to stay in your home for many years.
Reviewed by Clint Aguon, CEO & Loan Officer · NMLS #1893008 · Updated September 2026
Choosing a term
Fixed-rate loans commonly run from 10 to 30 years. A longer term spreads payments out, so each one is smaller, but you pay more interest overall. A shorter term means larger payments but builds equity faster and usually comes with a lower rate. Many buyers choose the longest term and make extra payments when they can.
When a fixed rate makes sense
- You plan to keep the home for a long time.
- You want certainty — your principal and interest won't change.
- Rates are reasonable today and you'd rather not bet on where they go next.
What else is in your payment
Your principal and interest are fixed, but property taxes and homeowners insurance (usually collected monthly through an escrow account) can change from year to year. On conventional loans with less than 20% equity, private mortgage insurance (PMI) applies until you reach the removal point — it can be dropped on request at 80% of the original value and ends automatically at 78% if you're current on payments.