Within a traditional 30-year fixed rate mortgage, you have a constant interest rate as well as a fixed monthly payment. This monthly payment will not change. 30 Year Loans are typically recommended for those that plan to stay in their home for seven years or longer. If you plan to relocate or sell your house within seven years, an Adjustable Rate Mortgage is recommended as an alternative.
It may be challenging to qualify for fixed-rate loans compared to an adjustable rate loan. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages, which means this may be a better benefit in the long run.