Fixed Rate Mortgages are mortgage loans where the rate and terms of the loan remain fixed through the life of the loan. Generally fixed rate loans have terms of 30, 25, 20, 15, or 10 years. Shorter term loans have lower interest rates. The payments for shorter term loans are higher than for longer term loans because principal portion of the payment is larger.

Fixed Rate Mortgages make sense for the majority of borrowers because the interest rate risk remains with the lender, not the borrower. If you think that you may be in your home for a short period of time then a fixed rate loan may not make sense for you. Otherwise, stick with fixed rates.

Conforming Fixed Rate loans have loan amounts within Fannie Mae and Freddie Mac's lending limits. These limits can vary by county. Please contact a mortgage specialist at SunQuest Funding to determine the limit where the home you would like to finance is located.

Fannie Mae and Freddie Mac generally offer the best interest rates for fixed rate loans with some of the most flexible underwriting guidelines.