Fixed-Rate Mortgage

Fixed-rate mortgages offer the same interest rate and monthly principal and interest payment throughout the entire term of the loan. Holyoke Credit Union offers a variety of terms in conventional and jumbo loan amounts of up to $1,000,000. The longer the term, the lower your monthly payment and the more cash you'll have for other expenses. With a shorter term, you will qualify for a smaller loan amount and have higher monthly payments, but you save on interest costs over the life of the loan and build equity more quickly. A fixed-rate mortgage loan has long been, and continues to be, the traditional and most popular choice because it offers stability along with consistent monthly payments.


  • Fixed monthly payments for the life of the loan
  • Protection from rising interest rates because interest rate remains the same for the life of the loan
  • Faster equity growth compared to other mortgage options, such as adjustable rate and balloon mortgages

Best for people who:

  • Prefer regular payments with no surprises
  • Are on a limited or fixed income
  • Plan to stay in their home for at least five years
  • Are purchasing or refinancing at a time when interest rates are comparatively low

Other considerations:

  • Fixed-rate mortgages are offered with terms of 10,15, 20, 25, and 30 years
  • A monthly principal and interest payment that doesn't change helps with
    financial planning
  • If market interest rates go down, your monthly principal and interest payment will not decrease unless you refinance your mortgage