Lock in your rate for life with a fixed-rate loan.

A fixed-rate mortgage lets you lock in an interest rate when you close on your home loan and stays the same until you’ve made your final payment. You’ll know precisely what you’ll pay each month for principal and interest for the entire term — whether that’s 10, 15, 20, 25, or 30 years. No surprises or adjustments despite economic changes.

Several types of fixed-rate mortgages are available, including conventional home loans and jumbo loans, which cover larger mortgage amounts that exceed the Federal Housing Finance Agency (FHFA) limits.

Government agencies back other fixed-rate loan types and often come with less restrictive eligibility requirements:

• Federal Housing Administration (FHA) loans are designed for borrowers with moderate credit scores or limited funds for down payment. With minimum down payments of 3.5% the total loan amount, they’re particularly useful for first-time home buyers. 
• VA loans are guaranteed by the Department of Veterans Affairs exclusively for military service members, veterans, and eligible surviving spouses. These loans offer competitive rates with no down payment requirement and no private mortgage insurance. 

The choice depends on your personal financial situation and risk tolerance. A fixed-rate mortgage may be the better option if you prefer predictability and want to know exactly how much you’ll pay monthly. However, if you’re comfortable with a bit of uncertainty and want to save money in the short term, an adjustable-rate mortgage may be a better fit.

Yes, you can refinance a fixed-rate loan. Refinancing replaces your current mortgage with a new one, potentially with a lower interest rate, different term length, or changed loan program altogether. Common reasons to refinance include:

• Securing a lower interest rate when market rates drop
• Shortening your loan term to pay off your mortgage faster
• Extending your loan term to reduce monthly payments
• Switching from an FHA loan to a conventional loan to eliminate mortgage insurance
• Accessing home equity through cash-out refinancing for major expenses

Just like your original mortgage application, refinancing requires credit checks, income verification, and a home appraisal. Many homeowners find that the long-term savings justify the upfront closing costs, especially if you plan to stay in your home for several years. Get a rate quote today.

When deciding on a mortgage, knowing both sides of the fixed-rate coin helps you make the best choice for your financial situation. Fixed-rate loans offer certainty but come with trade-offs compared to adjustable options. Here’s how they stack up:

Pros:

• Your payment amount never changes, making budgeting predictable for years to come
• You’re protected from rising interest rates, no matter what the market does
• Simpler to understand than adjustable-rate options — what you see is what you get
• Available in various term lengths to match your financial goals

Cons:

• Initially higher interest rates compared to introductory rates on adjustable mortgages
• If rates drop significantly, you’ll need to refinance to benefit
• May pay more interest over time if you sell or refinance within a few years
• Higher monthly payments for shorter terms (like 15-year loans), though you’ll build equity faster