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How It Works

Learn more about fixed rate home loans here. We'll explain what they are, who they're for, and how the quotation process works.

Fixed Rate Home Loans Explained

Fixed rate home loans are mortgage loans that offer a stable interest rate and consistent monthly payments for the life of the loan. These loans are fully amortizing, meaning your payments combine principal and interest so that the loan will be completely paid off after a certain number of years. Fixed rate home loans usually have a term of 30 years, though 15- and 20-year terms are also available. If you want a loan with the lowest possible monthly payment, you might also be able to get fixed rate home loans with 40-year terms, but these loans carry substantially higher interest rates. Fixed rate home loans usually have slightly higher initial interest rates than adjustable-rate mortgages (ARMs) but can be the cheaper option in the long-run.

When to Consider Fixed Rate Home Loans

You should consider fixed rate home loans if:

  • You are planning to stay in your residence for five years or greater
  • You think interest rates are going to rise
  • You want the security of a steady interest rate
  • You want a consistent monthly payment to better manage your budget

How to Sign up for Fixed Rate Home Loans

Signing up for quotes on fixed rate home loans takes only a few minutes. Here is how the quotation process works:

  1. Complete the online form. We will first need some basic contact information from you. Just provide us with your name, phone number, etc. on our free sign-up form. The form takes just minutes to fill out, comes with no obligation, and is free of charge.
  2. We present you with at least four quotes. Once we receive your sign-up form, we will provide you with up to five free quotes on fixed rate home loans. We will show you these quotes in a side-by-side format that makes comparison shopping a snap.
  3. Apply for the loan of your choice. If you see a loan that meets your needs, you can then apply for it on the lender's website. If you would like more time to think it over, we also give you the option of saving your quotes and returning to our site at your convenience.