Fixed-Rate Mortgage
Why Choose a Fixed-Rate Mortgage
The most common mortgage in the country.
Consistent Monthly Payment
Know what to expect month after month.
Terms That Match Your Timeline
Select the term that best fits your budget and financial goals.
Pay It Off Faster If You Want
Make extra payments at any time to reduce your balance sooner.
How a Fixed-Rate Mortgage Works
Rate
Same interest rate for the life of the loan.
Term
Choose from four term options.
Principal + Interest
Predictable monthly payments.
Taxes + Insurance
Tax and home insurance costs may change over time and are sometimes paid through an escrow account.
Run the Numbers
How Much Home Could You Afford?
See Your Monthly Payment
Frequently Asked Questions
How does a fixed-rate mortgage work?
A fixed-rate mortgage is a home loan where the interest rate is locked and stays the same for the entire term of the loan.
loanDepot offers fixed-rate mortgage options in 10-, 15-, 20-, and 30-year terms. The right term depends on your timeline and your budget.
What are the pros and cons of a fixed-rate mortgage?
Pros include predictable monthly payments, protection from rising interest rates, and greater stability for budgeting and long-term financial planning. Because the rate does not change, you will know what to expect from your mortgage payment over time.
Cons include potentially higher starting interest rates compared to some adjustable-rate mortgages (ARMs) and less opportunity to benefit if market rates fall after closing. In some cases, borrowers may need to refinance to take advantage of lower rates, and longer loan terms can result in paying more interest over the life of the loan.
Can your payment go up on a fixed-rate mortgage?
While the interest rate and your principal-and-interest payment do not change through the life of the loan, what can change is the rest of your monthly payment: the property taxes and homeowners insurance that you pay via escrow.
Because of this, your payment can change over the life of your loan — it can go up or down; but your rate will never change.
When should you lock in your mortgage rate?
A mortgage rate lock typically happens after you submit a completed loan application. The right time to lock your rate depends on your situation and comfort level with exposure to potential market changes. Your loan officer can help you evaluate your options and determine what makes the most sense for your goals.
Can you refinance a fixed-rate mortgage?
Yes. A fixed-rate mortgage may be refinanced if qualification requirements are met. Available refinance options depend on factors such as credit qualifications, available equity, loan program requirements, and market conditions. Common reasons borrowers refinance include changing their loan term, obtaining a different interest rate, switching loan products, or accessing available home equity through a cash-out refinance.
By refinancing the existing loan, the total finance charges may be higher over the life of the loan.
This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Loans are subject to credit and property approval. Not all products available in all areas. Other limitations apply. Rates, terms, and availability of programs are subject to change without notice.
Lock in a Fixed Mortgage Rate
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