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What is a fixed-rate mortgage?
A fixed-rate mortgage is a home loan with an interest rate that stays the same for the life of the loan. Many loan programs offered by Fairway, including conventional, FHA, VA and USDA loans, provide fixed-rate options.
Who are fixed-rate home loans for?
Buyers planning to stay in the home for many years
If this is the home you'll be in for years, a fixed rate keeps your principal and interest payment steady the whole time.
Borrowers who value predictable payments
Are you someone that prefers knowing exactly what you’ll be paying every month? With a fixed-rate mortgage, your principal and interest payment remains the same for the life of the loan.
Homeowners looking to refinance
Have an adjustable-rate mortgage and want more predictability? You may be able to refinance into a fixed-rate mortgage, giving you a consistent principal-and-interest payment for the remainder of the new loan term.
More fixed-rate financing options
Ask your loan officer about these options alongside a fixed-rate mortgage.
Extended Locks
If your closing timeline extends beyond expectations, an extended rate lock may help protect your interest rate until you close.
Lock, Shop, and Go
Secure an interest rate before you've found a home, helping protect you from rising rates while giving you time to shop with confidence.
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Fixed-rate mortgage benefits and requirements
See what a fixed-rate mortgage can do, and what it asks of you, before you talk numbers.
A payment that holds steady
Your principal and interest payment stays the same for the life of the loan.
Simple to budget
You know what your loan payment will be next year and ten years from now.
A term that fits your plans
Choose a shorter term to own your home sooner, or a longer one for a lower monthly payment.
It comes with the loan you choose
FHA, VA, USDA and conventional loans can all come with a fixed rate. You qualify for the loan, and the fixed rate comes with it.
Credit, income and savings
What you'll need depends on the loan type. Your loan officer will show you where you stand.
A term you can afford
A shorter term raises the monthly payment. Your loan officer can compare terms side by side.
Compare side by side
Fixed rate vs adjustable rate
Which is the better fit depends on your eligibility, your savings, and your plans.
Adjustable-rate mortgages (ARM)
Starts with a set period, then can change.
Your payment
- Can go up or down after the first years
Planning ahead
- Harder to predict over time
Best for
- Plans to move or refinance sooner
Fixed-rate mortgages
The same rate for the whole loan.
Your payment
- Principal and interest never change
Planning ahead
- Simple, year after year
Best for
- Staying in the home for years
Tools & Calculators
Use our mortgage calculators to estimate payments, compare options, and make a more informed decision before your next move.
FAQs about loans for Fixed-Rate Mortgages
Whether you’re exploring your options, already have a loan with Fairway, or need help finding the right place to go, connect with a loan officer to point you in the right direction.
Loan Servicing
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Monday–Friday | 8:30 a.m. – 5:00 p.m. Central
Disaster Relief Hotline
The big plus is predictability: your principal and interest payment never changes. The trade-off is that an adjustable rate starts lower and could reduce further if interest rates drop, while a fixed rate won't drop on its own.
Available terms vary by loan program. A loan officer can help you review eligible options and compare how different terms may affect your monthly payment and financial goals.
Early-payment terms and any applicable restrictions depend on the specific loan. Review the loan documents and speak with a loan officer for details about your financing option.
Your principal and interest stay the same. If your property taxes or homeowners insurance change, the part of your payment that covers them can change too.
Yes. You can refinance later to help you reach your financial goals, like saving with a lower rate or paying your mortgage off early with a shorter term.
Yes. Fixed-rate financing is available for eligible second homes and investment properties.
Yes. FHA, VA, USDA, and conventional loans can all come with a fixed rate. Your loan officer will help you choose the loan first, then the term.
Ready to see if a fixed-rate mortgage fits?
It starts with a conversation. Tell us about your plans. Your local Fairway loan officer will reach out and compare terms with you.
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