Menu Apply Now FIXED RATE MORTGAGES With a fixed rate mortgage, the interest rate does not change for the term of the loan, so the monthly payment is always the same. Typically, the shorter the loan period, the more attractive the interest rate will be. Payments on fixed-rate fully amortizing loans are calculated so that the loan is paid in full at the end of the term. In the early amortization period of the mortgage, a large percentage of the monthly payment pays the interest on the loan. As the mortgage is paid down, more of the monthly payment is applied toward the principal. A 30 year fixed rate mortgage is the most popular type of loan when borrowers are able to lock into a low rate. Benefits: Lower monthly payments than a 15 year fixed rate mortgage Interest rate does not go up if interest rates go up Payment does not go up, it stays the same for 30 years Drawbacks: Higher interest rate than a 15 year fixed rate mortgage Interest rate stays the same even if interest rates go down A 15 year fixed rate mortgage allows you to pay off your loan quicker and lock into an attractive lower interest rate. Benefits: Lower interest rate Build equity faster If interest rates go up, yours is fixed Drawbacks: Higher monthly payment stays the same if interest rates go down Interest rate stays the same even if interest rates go down Lending at the Speed of Life At MSA Mortgage, we are dedicated to finding the loan that fits your individual needs. PURCHASE REFINANCE Connecticut Mortgage Lender ML-1984; Florida Mortgage Lender MLD1820; Georgia Mortgage Lender 68195; Maine Supervised Lender SLM6998; Massachusetts Mortgage Broker & Lender MC1984; Michigan 1st Mortgage Broker/Lender FR0022556; Michigan 2nd Mortgage Broker/Lender SR0022557; New Hampshite Mortgage Banker 8836-mb; Rhode Island Lender 20102705LL; Rhode Island Loan Broker 20102704LB; Vermont Lender 5480; Vermont Mortgage Broker 0506 MB Loan Programs Purchasing Refinancing Resources Fundamentals Questions Glossary Calculator Contact Us bdeeb@msamortgage.com 354 Main Street Winthrop, MA 02152 (781) 245-7700 Follow us © 2021 MSA Mortgage. All Rights Reserved.