Fixed Rate Mortgages

A fixed rate interest rate is one of the most common and popular loan programs available.  The terms of a fixed rate mortgage can range from 10, 15, 20, 25 or 30 years.  Most of the time there is no prepayment penalty and it can be paid off in full at any time.

The payment is calculated based on the term of the loan and “amortized” so that the loan is paid off by the last month of the term.  The principal and interest monthly payment is based on that calculation.

If a person chooses to have an impound account that includes taxes and insurance it will to be added to their monthly payment.  When that happens you will see a final monthly payment that is due each month that includes, principal, interest, taxes and insurance (PITI).

With the fixed rate mortgage payment, the principal and interest will stay the same throughout the term of the loan.  If however there is a change in property taxes or an insurance policy, it will be reflected in the increase or decrease of the impound payment.


Loan Programs
97% Financing Available

  • Conventional Loans
  • Jumbo Loans
  • FHA Loans
  • Fixed Rate Loans
  • Interest Only Loans
  • Cash-Out Refinance
  • Consolidation Loans
  • Adjustable Rate Loans (ARM)
  • Reverse Mortgage Loans
  • VA Loans

Deborah McNaughton

Your Mortgage Advisor for Life

President of Legacy Financial Services
Author - Radio Host - Columnist
Nationally recognized "mortgage and financial" expert
Seen on CNN, Bloomberg, Good Day NY and others

Host of the Money Manager show on KKLA 99.5FM

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