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What is a fixed-rate mortgage?A fixed-rate mortgage is the most popular type of home loan. The interest rate for the entire loan term is set at the beginning. Your monthly payment will stay the same, making it easier to budget. Choose between a 15 or 20-year fixed term. Fixed-rate loans are also available through federal home buying programs such as FHA loans Fixed-Rate Mortgage Benefits
When to Choose a Fixed-Rate MortgageOur Mortgage Loan Originators can help you find the best mortgage loan option to match your needs and budget. If the predictability of a fixed-rate mortgage appeals to you, this option is available as a conventional loan as well as a government-insured mortgage such as a VA, FHA, or USDA loan. Adjustable-Rate Mortgages (ARM loans) are the primary alternative to a fixed-rate loan. ARM loans usually have lower introductory rates, which may appeal to home buyers who don’t plan to own the house long-term. If you believe interest rates will continue to stay low, you may also be interested in an ARM loan. For homebuyers who plan to live in the house long-term and desire stability, a fixed-rate mortgage may be the best option. Do more with The Fauquier Bank!We are a proudly independent community bank with nine branch locations in Northern Virginia: Manassas, Haymarket, Bristow, Gainesville, Warrenton, The Plains, New Baltimore, Catlett, and Bealeton. As one of the only community banks serving Prince William and Fauquier counties, we reinvest our profits back into the local towns we serve. TFB mortgage customers can expect a personalized experience from beginning to end, as our friendly and knowledgeable Mortgage Loan Originators guide you through the application and closing process. Speak with a local mortgage lender, give us a call, chat with us, apply online, or visit your nearest TFB office. Fixed-Rate Mortgage FAQs
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