Is a Fixed-Rate Mortgage in Loganville, GA, Right for You?

Talk to us at First Chance Mortgage if you are interested in discussing a fixed-rate mortgage in Loganville, GA. With these mortgages, the interest rate remains constant throughout the loan term, meaning the monthly payments will always be the same. In general, the shorter the loan period, the lower the interest rate will be.

This home loan option is calculated so that the loan is paid in full at the end of the term. In the early period of amortization, a larger amount of the monthly payment goes toward paying off the interest. Over time, more and more of the monthly payment goes toward the principal. The most common types of fixed-rate mortgages are 30-year and 15-year.

30-Year Fixed-Rate Loans

This type of loan is the most popular among homeowners when they can lock in a lower interest rate.


  • The monthly payments are lower than for a 15-year fixed-rate loan
  • Your rate of interest stays the same even if the national rate increases
  • Your monthly payment will stay the same for 30 years


  • The interest rate is higher than for a 15-year fixed-rate mortgage
  • If the national interest rate decreases, your rate stays the same

15-Year Fixed-Rate Loans

These loans are ideal for homebuyers who want to pay off their mortgage in a shorter time and lock into a lower interest rate.


  • These loans typically feature lower interest rates
  • Borrowers build home equity faster
  • When interest rates rise, your rate stays the same


  • These loans have higher monthly payments, which will stay the same
  • When interest rates decrease, you still pay your original rate

For more information about fixed-rate mortgages or any other home loan options, please reach out to us. We welcome the opportunity to assist you.