This "traditional" loan maintains its original interest rate throughout the entire life of the loan and is available with several term options. (Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time.) Fluctuations in market rates, over the term of your loan, won't have any impact on the amount of interest you pay because that rate is already "fixed."  

A Fixed-Rate loan may be a good choice if you:

• Want to know that your interest rate and monthly payment will not change over the life of the loan.
• Plan to stay in this home for several years.
• You don't expect your income to increase significantly in the coming years.