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.)