If you're buying your forever home, a fixed-rate mortgage could be the way to go
An ARM locks in your rate for the first few years or so, then periodically changes over time — typically once per year.
A fixed-rate mortgage locks in your rate for the duration of your loan. Although US mortgage rates will increase or decrease over the years, you'll still pay the same interest rate in 30 years as you did on your very first mortgage payment.A 30-year mortgage is the most common term length for a fixed-rate loan, but most lenders let you choose between a 30-year, 20-year, and 15-year fixed-rate mortgage. Some lenders offer additional term lengths, too.
The longer your term is, the lower your monthly payments will be, because you spread the loan out over a long period of time. Shorter terms do come with their benefits, though. Lenders charge lower interest rates for shorter terms, and you'll be making monthly payments for a shorter amount of time — these factors combined mean you could end up paying tens of thousands of dollars less over the life of your loan if you choose a 15-year or 20-year mortgage over a 30-year loan.A fixed-rate mortgage may lock in your interest rate, but you still have options.
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