September 13th, 2018


Buying a home can be exciting. The process of finding the right home, making an offer, and eventually moving in is one that nobody forgets. But the financial side of the process can be much more stressful and confusing. Finding the right mortgage loan will be one of the most important steps that you take, but is often more work than homebuyers expect.

With that in mind, the simple fact is that learning more about the loan options can help you buy with more confidence. And for most home buyers, a fixed rate mortgage is likely to be the best mortgage option available. Luckily, it's easy to understand the basics of these loans.

What Is A Fixed Rate Mortgage

As its name suggests, a fixed rate mortgage is a type of mortgage loan that has a set interest rate that never changes over the life of the loan. This means that your monthly payments won't change, your interest rates won't change, and you'll have a clear idea as to how to fit your mortgage into your budget at all times. This is in contrast to ARMs - Adjustable Rate Mortgages - that have interest rates that can change over time and change your monthly payments along with them.

In most cases, you'll have 15 or 30 years to pay off your mortgage. You'll agree upon the terms and the length of your mortgage when you receive it. It's important to choose one that fits your specific needs.

Pros And Cons Of The Fixed Rate Mortgage

There are a few pros and cons of using a fixed rate mortgage. Here's a rundown of the main advantages offered by this type of loan:

Stable monthly payments

Make it easy to predict monthly expenses and fit your loan into your budget.

No risk

Your loan payment won't rise to levels so high that you struggle to make them.

15 or 30-year terms

It's easy for you to select the loan option that fits your needs and your budget.

You can take out your mortgage with more confidence.

Potential Drawbacks

Like everything else in life, fixed-rate mortgages have potential negative attributes. Study them before jumping in. 

The interest rates are fixed

Higher than the initial interest rates on an ARM would be. For longer terms, you will pay far more than you would for shorter terms.

The bottom line here is that fixed rate mortgages are generally the best option for those who are planning on staying in their home for years to come, thanks to the stability that they offer. This is why they're the most popular loan option for homeowners.

Getting your Loan

Getting the right loan for your needs is important, and shouldn't be a huge hassle that you struggle with. Contact a local mortgage team today to get the loan you need without the hassle.

Deb Klein Team

3115 South Price, Suite 115, Chandler, AZ 85248 480-550-0211
The Deb Klein Team is the preferred home mortgage consultants located in Chandler, AZ. They are dedicated to finding great rates and loan options for their customers while providing fast turn times. The Deb Klein team has helped over 2000 customers achieve their dream of homeownership, and they are ready to assist you with your home financing.

Carissa Hampton

I had such a great experience. Everything went smoothly and they walked me through the entire process. I am excited to work with you all again in the future.


Paul Fox

Deb and the team made it happen! The other team that was to deliver me the loan basically fumbled and lost the ball. Deb’s team finished the loan in under 8 days and smooth sailing all the way! The other guy kept coming up with possibilities when Deb’s team drove it home -pun intended. Thanks again and an amazing job well done!! Respectfully Paul


Jon Cooper

Deb Klein and her team are absolutely amazing and closed another 2 deals for my clients this week. I am a Designated Real Estate Broker and required to give my clients more than 1 referral, but Deb will always be the preferred lender for my valuable clients. Choosing a great lender is not always about rates or fees, but most importantly its about the great SERVICE that a lender can offer. Deb and her team go above and beyond with all of that! I have worked with Deb Klein for about the past 15 years! If you are a borrower or Realtor and considering a great lender, I hope you will save yourself the frustration and hassles and chose Deb Klein as your mortgage lender, she will go above and beyond for you to get the deal done!! Thanks Deb for a great experience!


Roy DuPrez

Deb is 100% The team has been available above and beyond to untangle some obstacles I needed in order to qualify. I’ve been buying and selling properties for years and this has been a real comparison to all the other car salesy experiences I’ve had in the past.


Sarjit Patel

Easy to work with. Quick and smooth process.


Roy J. DuPrez

Deb was SUPER helpful and was able to tactfully assist through some obstacles that enabled me to access the home I love living in today!


Brian Lombardi

Deb has done several mortgages for me in the past. There's no one better when it comes to working on your behalf and her follow-up is impeccable. If you have a mortgage need, she's the one to go to.


Tiffany Lossing Klem

Experience Matters! Deb knows the lending business well and knows how to structure and close loans. She is a true professional.


Ryan Hall


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