Fixed-rate mortgage
Predictable payments for the life of your loan
With a fixed-rate mortgage, you're protected from rising interest rates, no matter what.
Get startedWhat is a fixed-rate mortgage?
Fixed-rate mortgage basics
- With a fixed-rate mortgage, your interest rate and monthly payment stays the same for the entire term of the loan.
- Fixed-rate mortgages are available in conforming or jumbo loan amounts.
- The 30-year fixed-rate mortgage is the most common loan type, but a 20-year or 15-year term could make sense if you want to pay off your mortgage sooner.
Fixed-rate mortgage benefits
- You get the comfort of knowing your payments won't increase even if mortgage rates go up.
- Predictable monthly payments make it easier to set your budget and plan for future expenses.
- Fixed-rate mortgages require down payments as low as 3%, which makes them a great choice if you are buying a home on a budget.
Fixed-rate mortgage terms
30-year fixed-rate mortgage
- Monthly payment is lower than a 20- or 15-year term
- Interest paid over the full loan term is higher than a 20- or 15-year term
- May qualify for a larger loan amount
20-year fixed-rate mortgage
- Monthly payment is higher than a 30-year term, and lower than a 15-year term
- Interest paid over the full loan term is lower than a 30-year term, and higher than a 15-year term
15-year fixed-rate mortgage
- Monthly payment is higher than a 20- or 30-year term
- Interest paid over the full loan term is lower than a 20- or 30-year term
Other mortgage loan types to consider
Adjustable-rate mortgage
Lower introductory rate, which changes periodically in the future
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If you extend your loan term, you may pay more interest over the life of your loan.
If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan. In some cases, a refinance may impact your eligibility for benefits under the Servicemembers Civil Relief Act or applicable state law.
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With a low down payment, mortgage insurance will be required, which increases the cost of the loan and will increase the monthly payment.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
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