Fixed Rate Mortgage
There are different loan types. The type of mortgage you obtain depends on your situation. A good lender will sense your needs based on your credit report, assets, and employment history and he can suggest some options for you. In a fixed rate mortgage, interest is fixed for a certain period of time until the amortized amount is paid in full. This way you are aware of how much your payments will be. However if there is a major drop in rates you’ll still be paying the same unless you opt for a refinancing. This is a long time option.