A fixed-rate home mortgage loan is one of the safest loans you can choose. A fixed-rate loan does not fluctuate. You will have the same mortgage payment over the life of the loan. The typical terms for a fixed-rate loan are 15-year, 20-year and 30-years. Borrowers can choose the term that is comfortable for them. It is important to remember that the lower the number of years in the term, the higher the monthly payment will be. Borrowers who are unsure about taking on the larger payment a 15-year or 20-year fixed-rate home mortgage loan would provide still have options if they choose the 30-year fixed-rate loan. Borrowers can take the 30-year loan and make 15- or 20-year payments when they are able to. This gives borrowers flexibility in their mortgage without putting them in a financial bind. When you choose the lower monthly payment you allow for a little financial security because nobody can predict their future income. If you have periods of time that you can afford the larger payment, the extra money will go toward your principal. A fixed-rate home mortgage loan takes out any uncertainty that borrowers have with an adjustable loan. Not knowing what your potential interest rate or mortgage payment will be after five or seven years can be overwhelming for homeowners. Not knowing what your mortgage payment will be leaves room for uncertainty and a potential financial disaster. Choosing the fixed-rate loan allows you to budget for the rest of the term of your loan. Fixed-rate loans are also a little easier to qualify for. Because there are no adjustments, banks know what your debt ratio is and will likely be in the future. While any loan has its restrictions and required qualifications, it is easier to qualify for the fixed-rate loan over the uncertain adjustable loan. This is especially true for borrowers that are paid on commission or on a fixed income. Consulting with your mortgage banker is the best way to help you determine the right loan for you. Your mortgage banker can discuss your financial situation, the equity in your home and your goals for the future. A majority of borrowers will choose the fixed-rate home mortgage loan. It allows for plenty of flexibility and also gives peace of mind always knowing exactly what your mortgage payment is each month. Consulting with your professional banker is the best way to make an informed decision. If you are interested in obtaining a fixed rate home mortgage loan tailored to your specific need, consult Investors Home Mortgage. Visit them at JumboMortgagesNJ.com.