What are the benefits of a Fixed-Rate Loan? With a fixed-rate mortgage your interest rate and principal payments remain the same for the entire life of the loan.

Advantages: Consistent principal and interest payments make this loan stable—so your rate won't change. This is a a good choice if you're likely to stay in your house for a long time.

A 15 Year Fixed-Rate Mortgage means consistent monthly payments for all 15 years you have the mortgage. By building equity even more quickly than with a 30 year or 20 year loan, and paying less interest, you'll save money in the long run. It's an ideal option if you can handle the higher payments and if you'd like to have the loan paid off in a shorter period of time — for instance, if you plan to retire.

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