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What is a Fixed-Rate Mortgage Loan?

April 26, 2017fixed-rate mortgage loan

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What is a Fixed-Rate Mortgage Loan?

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A. You pay a predetermined interest rate for the duration of the mortgage. Mainstreet offers you a choice of 10, 15, 20 or 30-year terms. You will pay more interest over the term of the 30-year mortgage but your monthly payments are lower than the shorter-term fixed-rate loans that we offer. With the 10, 15 or 20-year mortgage, you have a higher monthly payment but you build up the equity in your home faster. Please click here for more information on Fixed Rate Mortgages.