Simple, steady, stress-free.
A fixed-rate mortgage is one of the most straightforward home loans available. You agree on an interest rate when you close, and that rate stays exactly the same for the entire life of your loan. No surprises, no adjustments, no recalculating your budget every few years. Just one consistent monthly payment you can count on from move-in day to the day you make your final payment.
Why so many buyers choose a fixed rate
It's not just about simplicity — a fixed-rate mortgage comes with real, tangible advantages that can make a big difference over the long haul.
Predictable Payments
Your principal and interest never change, making budgeting easy month after month.
Protection from Rate Hikes
If market rates rise, yours won't. You're locked in no matter what the economy does.
Long-Term Planning Made Easy
Know exactly what you'll owe years from now — great for planning big life milestones.
Build Equity Steadily
Every payment chips away at your principal, building ownership in your home over time.
Choose your loan term
Our fixed-rate mortgages come in two term lengths, 15 and 30 years. The right one depends on your monthly budget and how quickly you want to own your home outright.
Ready to lock in your rate?
Start your application in minutes.
Our online mortgage application is fast and simple. Answer a few questions, and you can get pre-approved today!
Questions? Contact our mortgage team at 405-685-6200 x660, or mortgage@usecreditunion.org
What exactly is a fixed-rate mortgage?
A fixed-rate mortgage is a home loan where your interest rate is set at closing and never changes — for the entire life of the loan. That means your monthly principal and interest payment stays the same whether you're in year one or year twenty-nine. It's one of the most straightforward mortgage options available, and a popular choice for buyers who value predictability.
How is a fixed-rate mortgage different than an adjustable-rate mortgage (ARM)?
With a fixed-rate mortgage, your interest rate is locked in and never changes. With an adjustable-rate mortgage (ARM), your rate is fixed for an initial period and then adjusts periodically based on market conditions. ARMs can offer lower starting rates, but they come with uncertainty. For example, a 5/1 ARM has a 5-year fixed rate and then adjusts annually for the full term of the loan.
Can I pay off my fixed-rate mortgage early?
Yes. Most fixed-rate mortgages have no prepayment penalty, meaning you can make extra payments toward your principal whenever you'd like. Just check with your loan advisor to confirm there's no prepayment penalty on your specific loan.
What if rates drop? Can I refinance?
Absolutely. If rates fall significantly after you close, refinancing into a new fixed-rate mortgage at the lower rate is always an option. Refinancing does come with closing costs, so it's worth calculating how long it'll take to break even on those costs before deciding. A good rule of thumb: if you can lower your rate by 1% or more and plan to stay in the home for a few more years, refinancing often makes sense.