A traditional fixed-rate mortgage keeps the same interest rate and scheduled monthly principal-and-interest payment throughout the loan term. It can provide predictable financing when buying or refinancing a home. Making all scheduled payments pays off the loan by the end of its term.
Pro Mortgage Funding is an independent mortgage brokerage serving Michigan, Florida, and California. We help you compare fixed-rate mortgage options based on your budget, property, and long-term plans.
Common loan terms include 15 and 30 years. For the same loan amount, a shorter term generally means higher monthly principal-and-interest payments but less total interest over the life of the loan. A longer term generally lowers the required monthly payment while increasing total interest costs. Available terms and pricing depend on the loan program and lender.
A fixed interest rate does not mean every part of your housing payment stays the same. Property taxes and homeowners insurance can change. If these expenses are collected through an escrow account, your monthly mortgage payment may be adjusted. Mortgage insurance requirements and costs depend on your loan program, down payment, and other factors.
When comparing purchase or refinance options, consider the interest rate, annual percentage rate (APR), closing costs, monthly payment, and total borrowing cost. For a refinance, also consider how long you expect to keep the loan and whether extending the repayment term could increase your overall interest expense. Considering a different rate structure? Learn how adjustable-rate mortgages work, including their initial fixed period and later payment changes.
Start with the Get a Quick Quote form on this page to discuss your options. No credit pull is required to submit your initial inquiry. When you are ready to proceed, your loan advisor can guide you through a full application and the required credit and financial review.