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Purchase

Fixed-rate mortgage — the classic, for a reason.

Your rate doesn't change. Your principal-and-interest payment doesn't change. The plain choice for buyers who want certainty over the long haul.

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Best for buyers who want certainty

If you plan to stay in the home for a while and you don't want to think about rate movement, a fixed-rate loan is usually the right answer. Rates can be slightly higher than adjustable products at first, but you trade that for stability.

Things that affect your rate

Credit score, loan-to-value, debt-to-income, occupancy, property type, and overall market conditions. We'll pull your real options once we know your situation.

Highlights

What you should know

30-year

Lower monthly payment, more interest over time. Most common choice.

15-year

Higher monthly payment, dramatic savings on total interest. Pay off faster.

20- or 25-year

A middle path when 30 feels too long and 15 feels too aggressive.

FAQ

Frequently asked questions

What is a fixed-rate mortgage?
A fixed-rate mortgage is a home loan where the interest rate stays the same for the entire term of the loan. Your principal-and-interest payment never changes, which makes long-term budgeting predictable.
Should I choose a 15-year or 30-year fixed mortgage?
A 15-year fixed has higher monthly payments but dramatically lower total interest and a faster payoff. A 30-year fixed has lower monthly payments and more flexibility, but you pay more interest over time. The right choice depends on your monthly budget, how long you plan to stay, and your other financial goals.
Can I pay off a fixed-rate mortgage early?
Yes, in nearly all cases. Most modern conforming fixed-rate mortgages have no prepayment penalty. You can make extra principal payments or pay the loan off entirely without an extra fee — but always confirm with your specific loan documents.
How is a fixed-rate mortgage different from an ARM?
A fixed-rate mortgage keeps the same interest rate for the entire term. An adjustable-rate mortgage (ARM) starts with a fixed period (typically 5, 7, or 10 years) and then adjusts periodically based on a published index. Fixed loans give certainty; ARMs can offer lower starting rates if you don't plan to stay long.
What credit score do I need for a fixed-rate mortgage?
Conventional fixed-rate mortgages typically require a credit score of 620 or higher, with better pricing at 700+ and the best pricing at 740+. Government-backed fixed-rate options (FHA, VA, USDA) have their own credit guidelines.
Are fixed-rate mortgage rates the same everywhere?
No. Mortgage rates vary by lender, loan type, your credit profile, loan-to-value ratio, occupancy type, and market conditions. Richard Tocado Companies shops multiple investors so you can compare actual quotes side-by-side.

Talk it through with our team.

Five minutes on the phone, or a few questions online. No pressure, no credit pull required.

Start your purchase quote Call (704) 800-4719