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Fixed-Rate Mortgages

Lock in an interest rate at a term that works for you!

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What are The Benefits Of a Fixed-Rate Mortgage?

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Predictable Monthly Payments

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Potential to Lock in a Low Rate

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Protection from Fluctuating Interest Rates

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Conducive for Long-term Financial Planning

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Frequently Asked Questions

The traditional fixed-rate mortgage is the most common type of loan program, where the monthly principal and interest payments never change during the life of the loan. This type of mortgage is structured, or “amortized,” so that it will be completely paid off by the end of the loan term.

Fixed-rate mortgages are available in terms ranging from 10 to 30 years.

10-year fixed-rate mortgages are designed for homebuyers with greater financial flexibility looking to pay their loan off quickly while 30-year fixed-rate loan terms are great for homebuyers looking for lower monthly payments. 15- and 20-year fixed-rate loan terms offer a middle ground between affordable monthly payments and lower total interest.

In short yes, with one caveat. While one of the key benefits of fixed-rate mortgages is predictable monthly payments, your monthly payment could vary if you have an escrow account. However, the overall payments in a fixed-rate mortgage are generally stable and predictable.

Fixed-Rate Mortgage vs. Adjustable Rate Mortgage

The calculator tool provided is for informational purposes only and does not reflect any specific mortgage or home equity line of credit offered by Leader Bank or any specific terms that may be available for such products.  For information on available Leader Bank products and services, please contact a Leader Bank loan officer directly.  Examples of monthly payment amounts shown in calculators does not include taxes, insurance or any condominium or HOA fees applicable; as such your total monthly housing payment would be higher.  For any adjustable or variable rate loan examples provided, interest rate may increase after consummation and your fully indexed rate, annual percentage rate and monthly principal and interest rates may be higher.

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