Types of fixed rate mortgage loans

Fixed rate mortgages have an interest rate that stays the same over the life of the loan. These mortgages usually have terms of 30, 20, 15 and even 10 years, with the 30 year fixed rate mortgage remaining the most popular. The 40 year fixed rate mortgage is the newest addition. There are also "bi-weekly" mortgages, which shorten the loan by adding an additional payment every year.

A fixed rate mortgage offers:

• predictable monthly payments: You pay the same amount every month since the mortgage rate is fixed for the life of the loan.
• protection from rising interest rates: The mortgage rate is locked so that market fluctuations, up or down, will not affect the loan.

Ideal for borrowers that:

• prefer regular payments
• have a fixed or limited income
• plan to stay in their homes for a long time
• are in the market when interest rates are comparatively low

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