What is a fixed mortgage rate?

Answer With a fixed rate mortgage, the principal and interest portion of the monthly payment stays the same for the life of the loan. A fixed-rate mortgage will not go up or down when interest rates fluct... Read More »

Top Q&A For: What is a fixed mortgage rate

Who Do You Talk With to Get an Interest-Only Mortgage Changed to a Fixed Rate Mortgage?

Interest-only mortgages are considered to be one of the riskiest types of home loans on the market. If you have an interest-only loan, you can take the necessary steps to convert it into a fixed ra... Read More »

How do I move to a fixed rate mortgage with high LTV?

FHA MortgagesRefinance your high loan-to-value (LTV) mortgage to a fixed rate mortgage with the Federal Housing Administration mortgage program. This government program allows borrowers with LTVs o... Read More »

Can a bank change your fixed rate mortgage?

On One Hand: Principal and Interest Remain the SameA fixed rate mortgage is a contract that specifies the interest rate the borrower will pay and for how many years. The combined principal and inte... Read More »

What is the usual penalty for renegotiating a fixed rate mortgage before it is up for renewal?

If your residential fixed rate mortgage has a prepayment penalty, it will typically be between 2 and 4 percent of the loan balance. For a commercial loan, yield maintenance and defeasance costs cou... Read More »