Fixed Rate Mortgages
Predictable Payments
Your interest rate stays the same for the full term, making it easy to budget month after month.
Flexible Loan Terms
Choose from a variety of loan lengths, from shorter terms that save interest to longer terms with lower monthly payments.
Long-Term Security
Protect yourself against rising interest rates with a loan that never adjusts.
What Is a Fixed-Rate Mortgage?
A fixed-rate mortgage is a loan with an interest rate that stays the same for the entire term. This stability means your monthly principal and interest payments never change, no matter what happens with the broader economy. Fixed-rate mortgages are one of the most popular options for homeowners who want security, consistency, and long-term peace of mind.
Why Homebuyers Choose Fixed-Rate Mortgages
These loans are ideal for borrowers who value predictable payments and plan to stay in their home for many years. With a fixed-rate mortgage, you can budget confidently knowing your payment will remain the same. Whether you choose a 15-year loan to pay off your home faster or a 30-year loan for lower monthly payments, fixed-rate options provide flexibility along with stability.
Types of Fixed-Rate Mortgages
Fixed-rate mortgages are classified by loan term, ranging from 10 to 30 years. The right choice depends on your financial goals, monthly budget, and how quickly you want to pay off your home.
30-Year Fixed Mortgage
The most common option, offering the lowest monthly payments by spreading the loan over a longer term. While this makes homeownership more affordable month to month, you’ll pay more in interest over time. Best for borrowers who want manageable payments and plan to stay long term.
20-Year Fixed Mortgage
Less common but available with many lenders, the 20-year term balances affordability with faster repayment. Payments are higher than a 30-year loan but lower than a 15-year option, making it a middle ground for borrowers seeking both savings and stability.
15-Year Fixed Mortgage
A popular choice for those who want to pay off their home faster. With higher monthly payments but lower overall interest costs, this option can save you thousands over the life of the loan. Best for borrowers with steady income who can handle the larger payments.
10-Year Fixed Mortgage
The fastest payoff option, with the highest monthly payments but the lowest overall interest expense. Ideal for homeowners who want to quickly build equity and minimize long-term costs.
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Who Qualifies for a Conventional Loan?
To qualify, borrowers typically need:
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A credit score of at least 620.
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Stable employment and verifiable income.
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A reasonable debt-to-income (DTI) ratio.
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A down payment (as low as 3%, though 20% avoids PMI).
Lenders may also look at financial reserves and your history of responsible credit use.
FAQ
What is a conventional loan?
A mortgage not backed by a government agency, offered through private lenders, and typically following Fannie Mae and Freddie Mac guidelines.
How is a conventional loan different from an FHA loan?
FHA loans are insured by the government and allow lower credit and smaller down payments, but require mortgage insurance. Conventional loans generally require stronger credit but can be more cost-effective in the long run.
Who qualifies for a conventional loan?
Borrowers usually need a 620+ credit score, stable income, and a reasonable debt-to-income ratio. Larger down payments can improve terms.
How much do I need for a down payment?
Conventional loans start at 3%–5% down, but putting 20% down avoids PMI and may lower your monthly payment.
Can I use a conventional loan for a second home or investment?
Yes — unlike some loan types, conventional mortgages can be used for vacation properties and investment homes.
Ready to Explore Your Options?
With more than 17 years of lending experience, we’ve helped countless Utah families secure fixed-rate mortgages tailored to their financial goals. Our team will guide you through your options, compare loan terms, and ensure your loan provides both stability and confidence.
Ready to get started? Let’s find the fixed-rate mortgage that’s right for you.