Lock in a great rate for a lifetime.
Ever hear the phrase “safe as houses?” A fixed-rate mortgage offers payment stability, no matter the market.
Conventional Fixed-Rate Mortgage: Features & Benefits
Deciding between a fixed-rate and adjustable-rate mortgage? Here’s why going conventional could be right for you, your family, and your future home.
Locked-in rate
The housing market is always changing. Locking in a rate keeps your payments predictable.
Easier budgeting
Predictable payments means simplified, structured monthly spending all around.
10–30 year terms
While the rate is fixed, the term is up to you. Choose a mortgage length that’s right for you.
30-year mortgage
Minimizes your monthly payments,3 making it a budget-friendly choice you can refinance later.
20-year mortgage
Balances affordability and equity — a real Goldilocks option for happy homeownership.3
15-year mortgage
Builds equity fastest. Higher monthly payments,3 but you’ll pay less interest in the long run.
Conventional Fixed-Rate Mortgage FAQs
A conventional fixed‑rate mortgage is a home loan that offers a locked-in interest rate that stays the same for the entire lifetime of the loan. Your monthly principal and interest payment never changes, making it easier to budget your home loan payments alongside the rest of your spending and saving.
While the interest rate on a fixed-rate mortgage is locked-in for the lifetime of the loan, an adjustable-rate mortgage’s rate can change in response to market conditions.
Fixed-rate mortgage payments are calculated so that your interest and principal amounts are paid off proportionally over the term of the loan.
Since a conventional fixed‑rate mortgage offers stability and comparative simplicity, it’s a great choice for many homeowners. Consider a fixed-rate mortgage if you:
Are a first-time homebuyer
Plan to stay in your home for a long time
Have good-to-excellent credit
Prefer predictability to risk
Can afford a down payment of at least 3–5%1
Want to avoid the additional mortgage insurance requirements of FHA loans
Save even more with LMCU’s Max Mortgage discount!
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The home of all your homeownership needs.
Disclosures
For well qualified borrowers.
To receive MaxMortgage discount, mortgage payment must be an automatic payment that comes from an LMCU checking account with an ACH deposit. Some programs may not be eligible, discuss with your mortgage loan officer for further details.
Terms of repayment 30 year period for 30 year mortgage, 20 year period for 20 year mortgage, and 15 year period for 15 year mortgage.
