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- » Home Mortgage Loans
- » Evaluate Loan Options
- » Conventional Mortgage
- » Fixed Rate Mortgage
- » 20 Year Fixed Rate Mortgage
- » Refinance Mortgage Loan
- » Refinance Loan Types
- » FHA Refinance Loan
- » FHA Mortgage Loan
- » FHA 203k Mortgage Loan
- » Balloon Mortgage
- » Jumbo Mortgage Loan
- » Super Jumbo Mortgage
- » Adjustable (ARM) Mortgage
- » 1-Year ARM Mortgage
- » Reverse Mortgage
- » Co-Op Mortgage Loan
- » First-Time Home Buyer
- » Mortgage Loan Modification
- » Stated Income Programs
- » No Point, No Fee
- » Imperfect Credit
- » Home Equity Line of Credit
- » Fixed Rate Home Equity Loan
- » Other Mortgage Programs
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Fixed Rate Mortgage
A fixed rate mortgage, or Conventional Mortgage, is a loan in which the interest rate on the note remains constant throughout the life of the loan, as opposed to an adjustable rate mortgage (ARM) in which the interest rate can fluctuate based on market conditions.
There are three basic characteristics of a fixed rate mortgage:
- Compounding frequency
- Amount of the loan
- Term of the mortgage
With these three pieces of information, a calculation of the monthly payment can be figured.
The most common fixed rate mortgage terms are for 30 year fixed and 15 year fixed, however, Total Mortgage offers the additional flexibility of following fixed-rate loans terms:
- 10 year fixed rate mortgage
- 15 year fixed rate mortgage
- 25 year fixed rate mortgage
- 40 year fixed rate mortgage
For more details about fixed rate mortgages, call 877-868-2503 to speak to a Total Mortgage loan expert now.
Call a Total Mortgage expert now at 877-868-2503 to find out how we can customize a mortgage loan with some of the lowest current mortgage rates for you.
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Fixed Rate Quote
Reverse Mortgage Tip
If you are considering a reverse mortgage, an important first step is to analyze your finances.
- Create your monthly household budget.
- List all your sources of income.
- Write down every single monthly expense that you have besides the big items such as taxes, insurance and mortgage payments.
- Be sure to take into account ALL of your spending habits.
This analysis can be a real eye opener. If you want to know where you are going, you have to know where you are first.
Contact me to learn more about reverse mortgage.
- Donna Marino
Reverse Mortgage Specialist
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