A Fixed-Rate Mortgage enables you to lock in a low rate and payment that remains constant, no matter how much mortgage rates fluctuate. Fixed-rate loan programs can be set in terms of 30, 25, 20, 15 or 10 years.

If you plan to keep your home for a long time and you would like to minimize your monthly payment, a 30-year fixed-rate loan might be your best option. Or, if your goal is to reduce the total interest you pay over the life of the loan, and you can afford a slightly higher monthly payment, lower terms such as 15 or 10 years can reduce interest significantly