Why should I consider a fixed-rate, traditional mortgage?
A fixed-rate, traditional mortgage guarantees the interest rate for the life of the loan, offering a predictable monthly payment of principal and interest. Traditional mortgages can range in length, with most being for 15 or 30 years.
What mortgage term is right for me?
While a longer-term mortgage offers lower monthly payments of principal and interest - and therefore greater buying power - the interest rate is typically higher than that of a shorter-term mortgage. A shorter-term mortgage builds the equity in your home faster but with larger monthly payments of principal and interest.