Fixed-Rate Mortgages
A fixed-rate mortgage from First National Bank is the most popular choice among new homeowners. No matter how high interest rates may go, your payment remains the same. Fixed-rate mortgages make a lot of sense, especially for people planning to be in their home for a while.
Benefits:
- Locks in low interest rates
- Sets your rate for the life of the loan
- Makes budgeting easier
Considerations:
- Overall interest is higher on a longer-term loan compared to a shorter-term loan
- If you choose an interest-only option, you cannot build equity through monthly interest-only payments without making voluntary principal payments during the interest-only period
