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Fixed Rate Mortgage

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What is a fixed rate mortgage: 

A fixed rate mortgage is a mortgage in which the interest rate, as well as principal and interest payments, are set for the term of the loan. A typical fixed-rate mortgage is 30 years, but 20-, 15- and 10-year terms are also common. At BrightPath, borrowers can even choose the length of the term on their fixed rate mortgage.

Why a fixed rate mortgage: 

The main advantage to a fixed rate mortgage is that borrowers do not have to worry about fluctuating mortgage payments. If interest rates go up, borrowers’ payments stay the same. Fixed rate mortgages are ideal for borrowers who plan to live in their home for a long time or use it as a long-term investment. Often adjustable rate mortgages (ARMs) may offer an initial lower interest rate than a fixed rate mortgage. The trade-off is that ARMs may adjust upward over time, leaving borrowers facing growing payments.

Different loan terms: 

Choosing a term for a fixed rate mortgage can have an effect on monthly payments and interest paid over the term of the mortgage. The shorter the term, the less interest paid over the life of the loan, but monthly payments will be higher. While the lower monthly payment offered by a longer-term mortgage can help homeowners maintain liquidity, their home equity will increase more slowly than if they had chosen a shorter term. 

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