Fixed rate mortgage application

A fixed-rate mortgage is the most common type of mortgage loan program. With this kind of home loan, your monthly payments for interest and principal never change.

This is different from an Adjustable Rate Mortgages (ARM) that may change at specified intervals (for example, every year) depending on changing market conditions.

Fixed-rate mortgages are available on a variety of terms, with a 15-year or 30-year term being the most prevalent. Longer terms are becoming common for areas in Louisiana with high-cost housing. There are also “bi-weekly” mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 “months” worth, every year.)

Fixed-rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. With Standard Mortgage’s fixed-rate terms, your property taxes and homeowners insurance may increase, but, generally, your monthly payments will be stable.

During the early amortization period, a large percentage of the monthly payment is used to pay the loan interest . As the loan is paid down, more of the monthly payment is applied to principal.

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