FIXED RATES:

30 Year Fixed Rate Mortgage
The most popular type of mortgage, the 30-year fixed-rate loan, is most appealing to borrowers who want to stay in their homes for a long period of time and who want to enjoy consistent payments during this period. Other benefits include keeping housing expenses to a minimum while maximizing mortgage interest deductions for income tax purposes.

Advantages:

• Can require a low down payment, sometimes only 3 or 5 percent.
  
• Consistent monthly payments.
  
• Stable payments, monthly payment will not increase.
  
• Provides maximum interest deduction for tax savings.