FIXED RATE MORTGAGE

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What's a Fixed Rate Mortgage?

A fixed‑rate mortgage keeps your interest rate the same for the entire loan term so your monthly principal + interest payment stays predictable.


While a fixed-rate mortgage gives you financial stability, the right rate and lender  can save you thousands.



At ACM, we compare 100+ lenders to ensure you get the lowest rate and terms that match your unique situation.

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Easily compare monthly payments, lender fees, interest rates, and closing costs in one place.

Why Choose Austin Capital Mortgage?

With access to 100+ lenders, we find the best rate and terms for your unique situation.

  • Compare Multiple Lenders: Side-by-side options for the lowest rate

  • Predictable Payments: Principal and interest stay fixed

  • Flexible Terms: 10, 15, 20, or 30 years


  • Dedicated Loan Officer: From application to closing


  • Tailored Solutions: Self-employed, investor, and high-income borrowers



Fixed Rate Mortgage Requirements (2025)

Getting approved for a fixed-rate mortgage is simpler than you think.

Here’s what you need:


Credit Score


A minimum 620–640 is typically required. Higher scores help you qualify for the lowest rates and best terms.


Stable Income


  • W-2 employees: recent pay stubs and last 2 years’ tax returns.


  • Self-employed: 2+ years of tax returns or bank statements to prove income.


  • Debt-to-Income ratio usually ≤43%, sometimes up to 50% for strong profiles.


Down Payment


  • Minimum 3–10%, depending on the loan type.


  • 20% or more can eliminate private mortgage insurance (PMI).


Assets & Reserves


  • Bank or investment statements showing funds for down payment, closing costs, and 2–6 months of reserves.


Property Requirements


  • Must meet lender guidelines (single-family, condo, or approved investment property).


  • Home appraisal required to confirm value.


Additional Considerations


  • No recent bankruptcies or foreclosures (typically 2–7 years).


  • Mortgage insurance may be required for <20% down payment.



  • Stable housing history strengthens your application.

Put your mortgage to work for you

Cash out

Leverage your investment and take advantage of the equity your home has built for years.

Great For

Renovating your home

Paying down high-interest debt

Use my equity

Lower payments

Increase your financial security by refinancing to lower your monthly mortgage payment.

Great For

Increasing cash flow

Saving for retirement

Lower my payment

Reduce loan term

Why wait when you can refinance into a shorter term and pay your mortgage off.

Great For

Reducing interest
Paying off mortgages faster

Reduce my term

FAQs

Got a question? We’re here to help.

  • How does a fixed rate mortgage work?

    With a fixed rate mortgage, the interest rate is determined when the loan is originated and remains the same throughout the life of the loan. The borrower's monthly payment stays the same, making budgeting and financial planning easier.

  • What are the benefits of a fixed rate mortgage?

    Fixed rate mortgages offer stability and predictability. With a fixed rate mortgage, borrowers know exactly how much they will be paying each month for the life of the loan, making budgeting and financial planning easier. Additionally, because the interest rate is fixed, borrowers are protected from rising interest rates, which can be a concern with variable rate mortgages.

  • How long do fixed rate mortgages typically last?

    The term of a fixed rate mortgage is typically 15 or 30 years, although other terms may be available.

  • How is the interest rate on a fixed rate mortgage determined?

    The interest rate on a fixed rate mortgage is determined at the time the loan is originated and does not change, even if market interest rates go up or down.

  • How do fixed rate mortgages differ from adjustable rate mortgages (ARMs)?

    Fixed rate mortgages have a set interest rate for the life of the loan, while adjustable rate mortgages have an interest rate that can change over time based on market conditions.

  • What are the potential drawbacks of a fixed rate mortgage?

    One potential drawback of a fixed rate mortgage is that it may come with higher interest rates than adjustable rate mortgages (ARMs), especially when market interest rates are low. Additionally, if interest rates decrease significantly over time, borrowers with fixed rate mortgages may miss out on potential savings.

  • Can I refinance a fixed rate mortgage?

    Yes, you can refinance a fixed rate mortgage. Depending on the current market interest rates and your financial situation, refinancing your fixed rate mortgage could potentially lower your monthly payment or shorten the term of your loan.