Fixed Rate Mortgages

The most common kind of mortgage is the fixed-rate mortgage. These loans have a fixed interest rate over the life of the loan and typically come in terms of 10, 15, 20 or 30 years. With these loans, your monthly payment of the principal and interest never changes (but your escrow expenses, such as property taxes and insurance, may change from year to year).

By getting a fixed rate mortgage, you'll know ahead of time exactly what you will pay each month. These terms give you the best chance to afford a house by keeping your monthly payments low. The down payment required on these loans can be as low as $500 depending on the program you get into.

Do Fixed-Rate Mortgages work with
the Energy Efficient Mortgage?

Yes! Fixed-rate mortgages can be combined with the Energy Efficient Mortgage. The Energy Efficient Mortgage can help lower the operating costs of the home by as much as 30% to 50%. Please refer to the menu on the left to learn more and see actual examples of the Energy Efficient Mortgage at work.

Which term length is right for me?

This example compares the principal and interest payments for a 10, 15, 20 and 30 year mortgage based on the same loan amount and rate.