A fixed-rate mortgage allows your monthly mortgage payment to stay the same the entire life of the loan. There will be NO INCREASE in your mortgage payment.

A fixed-rate mortgage has an interest rate that remains the same for the life of the loan. In other words, your total monthly payment of principal and interest will remain the same over time.

A fixed-rate mortgage is the most popular type of financing because it offers predictability and stability for your budget.

Fixed-rate mortgages tend to have a higher interest rate than an adjustable rate mortgage (also called ARM). However, ARMs have low, fixed rates for a brief period, typically three, five or seven years, before the interest rate resets. After that time, rates can go up or down (as can your monthly payments) for the remainder of the loan term, though most ARMs have a cap.