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Your guide to

Fixed-Rate Mortgage

A reliable home loan where the interest rate remains constant throughout the entire loan term.

No hard credit pull · No SSN · No hidden fees
Takes under 60 seconds · No obligation

3–5%Down paymentas low as, by loan balance
620Credit scoreminimum, typically
30 or 15Year termsboth fixed for the full term
ConformingLoan limitswithin your county limit

Your rate never changes. Not when the Fed moves, not in year nineteen. The payment you sign for is the payment you make.

30-year or 15-year?

Both are fixed for the whole term. The only thing that changes is how fast you pay it off, and what that costs you each month.

Feature30-year fixed15-year fixed
Best forLower monthly payments and a longer runway. A popular choice for first-time buyers, or anyone who wants flexibility.Paying the loan off fast and saving interest. Preferred by owners building equity quickly.
Interest rateCompetitive and stable.Generally lower than a 30-year.
Monthly paymentLower.Higher, because the term is shorter.
Total interestMore over the life of the loan.Less.
Down paymentAs low as 3–5%.As low as 3–5%.
Credit score620 minimum, typically.620 minimum, typically.
The short versionA 15-year costs less overall. A 30-year costs less each month, which buys you liquidity and flexibility — and you can always pay extra against the principal at any time.

What you’ll need

The bar for a fixed-rate loan, as it stands today.

  • Stable incomeA consistent, reliable source.
  • Credit score of 620The typical minimum.
  • A reasonable debt-to-income ratioWhat counts as reasonable depends on the rest of your file.
  • 3% down on low-balance loansMinimum.
  • 5% down on high-balance loansMinimum.
  • Within your county’s conforming limitAbove it, you are looking at a jumbo loan.

Fixed-rate or adjustable?

A fixed rate stays constant for the whole term. An ARM has a rate that moves after an initial fixed period — which can start lower, and introduces uncertainty and risk you do not have here.

Compare adjustable-rate mortgages

Straight questions.
Straight answers.

Is a 30-year better than a 15-year?

A 15-year accrues less interest overall. A 30-year gives you lower monthly payments, more liquidity and more flexibility — and you can put extra against the principal whenever you want, which gets you part of the way to a 15-year without committing to it.

Can I pay it off early?

Yes. Additional payments can be made to reduce the principal balance at any time.

Do fixed rates cost more than other programs?

Fixed-rate loans, and 30-year fixed especially, carry some of the lowest and most competitive rates. Some programs — 15-year fixed, ARMs, jumbo — can price slightly lower, for reasons specific to how each is underwritten.

What happens to my payment if rates go up?

Nothing. The rate is locked at the outset for the full term.

One last thing

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No hard credit pull · No SSN · No hidden fees
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Today’s mortgage rates in the United States