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This is different from an Adjustable Rate Mortgages (ARM) that may change at specified intervals (for example, every year) depending on changing market conditions.
Fixed-rate mortgages are available on a variety of terms, with a 15-year, 20-year, or 30-year term being the most prevalent.
Fixed-rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. With Standard Mortgage’s fixed-rate terms, your property taxes and homeowners insurance may increase, but, generally, your monthly payments will be stable.