All loan programs
Quick answer
- Who it may fit
- Buyers who plan to stay in the home for a long stretch
- Down payment
- Cash to close depends on the program, the property and your file — we quote your scenario before you apply.
- Main benefit
- The principal-and-interest payment is known from day one
- Main tradeoff
- The starting rate is often higher than an adjustable alternative
A fixed-rate mortgage locks the interest rate for the entire term. The principal-and-interest portion of your payment does not move, though taxes, insurance and any HOA dues still change over time. Shorter terms typically carry a higher monthly payment and less total interest.
- Buyers who plan to stay in the home for a long stretch
- Anyone who values a predictable payment over a lower starting rate
- Homeowners refinancing out of an adjustable loan
- The principal-and-interest payment is known from day one
- No exposure to future index movement on the note rate
- Available across a range of terms, so the payoff horizon can be tuned to the budget
- The starting rate is often higher than an adjustable alternative
- Escrowed taxes and insurance still change, so the total payment is not truly fixed
- If rates fall meaningfully, capturing them requires a refinance and its costs
These are the factors an underwriter typically reviews. They are not a checklist of requirements, and meeting them does not guarantee eligibility or approval.
- Standard credit, income and asset review for the underlying program
- Debt-to-income within program limits
- An acceptable property and appraisal
All loans are subject to credit, income, property and underwriting approval. Nothing on this page is a loan offer, an approval, a rate lock or a commitment to lend. Programs, rates and terms are subject to change without notice.