Fixed Rate Mortgages (15, 20 & 30 years)

The reason why 15, 20 and 30 year Fixed-rate Mortgages are so popular is because the interest rate remains fixed for the duration of the loan. This gives the borrower the piece of mind that he or she can pay for the loan without the worry of an increased payment. Even though the interest rate is typically higher than competing adjustable rates, they are still the most common loan type used by borrowers.

The 15, 20 and 30 year Fixed-rate Mortgages from Freddie Mac are available for 1-4 unit primary residences, which include condominiums, planned unit developments and manufactured homes; second homes and 1-4 unit investment properties are also available. The transaction types are purchase, no cash-out refinance or cash-out refinance.

For the borrower, the 15, 20 and 30 year Fixed-rate Mortgages can give them assurance that their monthly payment is stable for the duration of the mortgage. The 15 and 20 year mortgage often have lower interest rates than a 30 year loan, however, because of the increased term, the 30 year mortgage offers a lower payment per month. Whatever your financial circumstances may be, you can be eligible with a wide array of options.

Fixed rate mortgages really are the most popular mortgage available and should be included as a prime option for a mortgage plan. Freddie Mac fixed-rate mortgages are among the most sought after and the most trusted.