Your monthly payment is more stable with a fixed rate mortgage than with other types of mortgage because the interest rate is fixed for as long as you have the loan. With a standard fixed rate mortgage, your monthly payment of principal and interest does not change over the life of the loan. Your total monthly payment can change if it also includes property taxes and insurance (e.g., homeowners, hazard, flood or mortgage insurance), which may increase or decrease.
Fixed-rate mortgages are available for various repayment periods: 40 years, 30 years, 20 years, and 15 years are the most common loan terms. Typically, the shorter the term, the less interest you pay over the life of the loan. The longer the term, the lower the monthly payment because you stretch out repayment of the loan principal over a longer period of time.
National Penn's originates residential mortgages in Pennsylvania, Delaware, Maryland, New Jersey, Virginia, North Carolina, South Carolina and Florida.