A fixed-rate mortgage keeps the same interest rate and principal-and-interest payment for the whole loan.
A good fit for
- Buyers planning to stay put
- Anyone who wants a predictable payment
How it works
- Common terms are 15, 20 and 30 years
- Shorter terms usually mean higher payments but less total interest
Keep in mind
- Taxes and insurance in your payment can still change
- You can refinance later if rates drop
Is a Fixed Rate Mortgage right for you?
Every lender's guidelines differ — Chip will shop them for you.
Related loan options
This page is general education, not a loan offer or commitment. Terms, eligibility and availability vary by lender and change over time.