---
title: Fixed-Rate Mortgage
description: Fixed-Rate Mortgage
image: https://blog.homelend.net/hubfs/ralph-kayden-2d4lAQAlbDA-unsplash.jpg
---
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© 2019
[Sara Livecchi](https://blog.homelend.net/blog/author/sara-livecchi) |
[November 27, 2019](https://blog.homelend.net/blog/archive/2019/11/27) |
[04:25 PM](https://blog.homelend.net/blog/2019/11/fixed-rate-mortgage) |
[0](https://blog.homelend.net/blog/2019/11/fixed-rate-mortgage#comments-listing) comments
# Fixed-Rate Mortgage
A fixed-rate mortgage is one of the most common type of home loans because it’s the least risky for the borrower.
The borrower pays towards the loan with one set interest rate for the length of the loan. You can count on a consistent monthly payment that is agreed upon from the beginning of the loan process.
Features of fixed-rate mortgages include:
- Steady monthly payments
- Terms ranging from 10 to 30 years
- Avoiding Private Mortgage Insurance with a down payment of at least **20%**
- Available with **low down**
## Why the Fixed-Rate?
You’ll want to opt for a fixed-rate mortgage during a time that the market conditions offer a low interest rate. You will be making monthly payments with *that* rate regardless of the current market conditions. That said, if the market changes and rates skyrocket, you have the security if knowing your payments won’t change.
*Side note*: if interest rates go down, you can always seek a refinance to adjust your rate.
If you plan to be in this home for a long time, it makes sense to choose a fixed-rate mortgage.
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###### Tags
[First Time Home Buyer](https://blog.homelend.net/blog/tag/1str-time) [fixed rate](https://blog.homelend.net/blog/tag/fixed-rate) [Home Buying](https://blog.homelend.net/blog/tag/home-buying) [mortgage](https://blog.homelend.net/blog/tag/mortgage) [moving](https://blog.homelend.net/blog/tag/moving) [home loan](https://blog.homelend.net/blog/tag/home-loan) [new home](https://blog.homelend.net/blog/tag/new-home) [Borrowing 101](https://blog.homelend.net/blog/tag/101)
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