When you get a Fixed-Rate Mortgage, it means that the interest rate is “fixed” for the full term of the loan. That means that the principal and interest portion of the home loan will remain the same, as you repay your mortgage each month. If you want the security of knowing that your rate – and, therefore, your monthly payment – won’t change over the life of your mortgage, then a Fixed-Rate Mortgage is a good option to consider. (NOTE: Your monthly escrow payment may change, since taxes and insurance costs may change.)