Fixed-Rate Mortgages

Get financial stability with a mortgage rate that never surprises you — even in an unpredictable market.

What is a fixed interest rate home loan?

A fixed-rate mortgage locks in your interest rate for the entire life of your loan — whether that’s 10, 15, 20, 25, or 30 years. Unlike adjustable-rate mortgages that start lower but fluctuate with the market, your fixed rate never changes. 

Think of it as financial insurance: you pay a bit more upfront for the peace of mind knowing exactly what your mortgage payment will be next month, next year, and even a decade from now. This stability makes fixed-rate loans a favorite for home buyers across the country. 

Locked rates

Your interest rate stays the same from your first payment to your last — no surprises or increases. When inflation hits or the Fed raises rates? Your fixed-rate home loan doesn’t budge. 

Your choice of term

Choose which fixed-rate mortgage term works for your financial goals — popular 15- and 30-year terms or less common 10-, 20-, and 25-year options. Shorter terms mean higher payments but faster equity building, and less total interest paid over time. 

For long-term homeowners

A fixed-rate mortgage is typically your best bet if you plan to stay put for 7-10 years. You’ll be protected from rate increases while building equity consistently through predictable payments. 

Key benefits of a fixed-rate mortgage

Everything seems to change at lightning speed, but your mortgage payment doesn’t have to. Fixed-rate home loans are a go-to choice for many home buyers — these types of home loans offer stability when markets and rates are unpredictable.  

No increases

Your monthly principal and interest payment stays the same throughout your loan term. While other financial obligations might fluctuate, your fixed-rate mortgage payment remains consistent — giving you one less thing to worry about. 

Predictable payments

Consistency in your mortgage payment makes budgeting easier. Know exactly what you’ll owe for housing costs from day one until your loan is paid off. 

Locked interest

You won’t have to worry about rising interest rates because your rate won’t change. While others might stress about rate fluctuations, your payment remains steady. 

Option to refinance

If interest rates go down significantly, you could be eligible to refinance. This gives you flexibility to potentially lower your payment while keeping the stability you value. 

Applying for a fixed-rate home loan

1 Check your credit

Your credit score isn’t just a number — it’s your mortgage negotiating power. The higher your score, the higher the chance you’ll qualify for a low-interest fixed-rate loan. Check your credit report before applying to avoid any surprises and address issues early.

2 Determine your budget

Figure out what you can comfortably afford before falling in love with homes outside your price range. Consider your income, existing debts, and desired lifestyle — not just what a calculator says you qualify for.  

3 Get preapproved

A pre-approval letter transforms you into a serious buyer overnight. Sellers prioritize offers backed by preapprovals, and you’ll shop for home loans confidently knowing exactly what you can afford. When you find a home you love, you’ll move faster than competitors still waiting for financing approval. 

4 Gather your documents

Speed up your fixed-rate mortgage application by having your financial paperwork ready. Recent pay stubs, W-2s, tax returns, bank statements — these are resources that help us determine your best possible loan terms. Our Mortgage Experts will help ensure you have the right documents.

5 Submit your loan application

Submit your official fixed-rated home loan application along with your documents. AmeriSave’s digital platform makes this step straightforward.

6 Close on your home

We’ll verify your information, order an appraisal, and prepare for closing. Review your final fixed-rate mortgage terms, sign your documents, and get ready to celebrate — those keys are almost yours. 

Veron M. | Lawrenceville, GA

The process has been very quick and easy for a first timer like myself. Being able to provide things on-line via chat & email lets me handle things while taking care of other tasks.

Sprak | Charles Town

I cannot imagine an easier experience with anyone else. Everyone is friendly, helpful and simply caring. Love working with them.

Jason S | Elephant Butte, NM

Fantastic. Great company and staff. Professional and quick. The process from beginning to end was painless and speedy. Would recommend with 10 stars.
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Frequently Asked Questions

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 

Who qualifies for a Home Possible® loan?

Borrowers with incomes at or below 80% of the AMI may qualify for a Home Possible® mortgage. You may also qualify if you require a non-occupant co-borrower to help support your loan application.

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