Fixed rate mortgages

Fixed rate mortgages are the traditional loans that have a fixed interest rate over the period of the loan, usually 30, 20, or 15 years. With these mortgages, your monthly payment for interest and principal never changes. Downpayments required on these mortgages can be as low as 5%. If you prefer predictable payments over the life of your loan and don't mind paying a bit more for this assurance, the fixed rate mortgage will be the best solution for you.