Fixed Rate Mortgages

Becoming a Homeowner?

Found your forever home? Finance it with a fixed-rate mortgage at Woodsboro Bank. If you plan to own your home as a primary residence for at least seven years, our fixed-rate mortgage could help you meet that goal.


Benefits of a fixed-rate mortgage include the following:

  • Full amortization over the term of the loan
  • Protection against rising interest rates
  • Easy budget planning

happy couple standing in front of their home

approved mortgage loan agreement application

When you are comparing mortgage options, take note of the four types of fixed-rate mortgages:

10-Year Fixed-Rate Mortgage

A 10-year mortgage is the shortest available term for a fixed-rate home loan. The monthly installment pays off both the principal debt and the interest. One of the advantages of 10-year mortgages is a lower interest rate compared to longer-term loans.

15-Year Fixed-Rate Mortgage
With a fixed rate for the entire repayment term, a fifteen-year repayment could allow you to pay off the principal loan amount and build up equity faster.

20-Year Fixed-Rate Mortgage
Compared with 15-year and 30-year mortgages, the 20-year fixed-rate home loan offers two fantastic benefits, namely, saving on monthly repayments by paying longer than 15 years and cutting down on interest charges by not paying the maximum term of 30 years.

30-Year Fixed-Rate Mortgage
A 30-year fixed-rate loan is a traditional home loan with a lower monthly payment. If you believe you will stay in your chosen home for a long period of time, this loan will help you buy the house and have a locked-in interest rate.

During an economic decline, a fixed-rate mortgage can be the best option to finance a home. The economy is always subject to sudden change, which could cause a significant rise in interest rates.

Fixed-rate mortgages include traditional home loans, FHA loans, and VA loans.

ARE YOU READY TO Take the first step towards your mortgage goals?

Contact us or call 301-898-4000 to speak with the team today! Ready to move forward?

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