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Fixed-Rate Mortgages

This "traditional" type of loan maintains its original interest rate throughout the entire life of the loan. Any change in monthly loan payments will be due to increases in other charges, like insurance or taxes, that will naturally occur over time. Fluctuations in market rates over the term of your loan won't have any impact on the amount of interest you pay because that rate is already "fixed."

A Fixed-Rate Mortgage loan may be a good choice if you:

  • Want to increase the amount of the loan you can qualify for
  • Want the security of knowing that your mortgage payment will remain the same
  • Plan to stay in this home for at least ten years
  • If, in the coming years, you don't expect your income to increase significantly

Fixed-Rate Mortgage loans are available in terms up to 30 years (view current rates and disclosures). In determining the length of your loan, you may want to consider:

  • Total amount of interest you want to pay over the course of your loan. For example, the total cost of a 30-year loan is higher than the total cost of a 10, 15, or 20-year loan. You are trading lower monthly payments for a greater number of monthly payments. (It takes about 22.5 years to pay off half the principal for a 30-year loan.)
  • Your ability to make high monthly payments. If you can afford to pay more per month, you will reduce the number of months to pay off the mortgage. Also, choosing a 15-year term will save you thousands in finance charges versus the typical 30 years.

Another option to shorten loan time and decrease the amount of interest you pay is to take a 30-year loan and pay "extra" each month towards the principal. This option will not obligate you to the higher monthly payment of a shorter-term mortgage.

Processing and underwriting for People First Mortgages are provided through our partner, First Heritage Financial, LLC.

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