When you are shopping for a fixed rate mortgage quote, it is always best to reveal how your case differs from these standards. In dealing with shoppers, loan providers will raise the rate by no more than necessary. If you don't reveal the information until it is too late to back out, and if you are unfortunate enough to have fallen into the hands of a rogue, you will pay dearly for your mistake.

Usually, the term "fixed rate mortgage" also means that the payment is fixed for the life of the loan and pays it off over the term. This should be (but usually isn't) called a "level-payment fully amortizing FRM" to distinguish it from other types of loans that have a fixed rate but not a fixed payment

By prevailing practice, the term "fixed rate mortgage" without any modifiers means a mortgage with a fixed rate and level payments that fully pay off the balance. For example, on a $300,000 30-year 6% FRM, the monthly payment is $1798.66. If the borrower makes that payment every month for 30 years, the 360th payment will reduce the balance to zero.

An fixed rate mortgage quote (FRM) is a mortgage that has no provision for changing the interest rate. Hence, the rate stated in the note is fixed for the entire term of the loan.

A fixed-rate mortgage can also have a rising payment. The version in the US is called a "graduated payment mortgage", or GPM. They appeared in the early 80s and are still available from a few lenders.

A low Fixed Rate Mortgage can also help you maintain a positive cash flow on investment property.

Be sure that you are obtaining a "fixed rate" rather than a "payment rate" type mortgage. Many lenders sell negative amortization loans to unwitting consumers.

A fixed rate loan with a graduated payment - referred to as a 2/1 buydown - was very popular a few years ago on FHA mortgages because FHA allowed the borrower to qualify at the starting payment which was calculated as if the loan were amortized for 30 years at a rate 2% lower than the actual fixed interest rate. FHA disallowed this practice a few years ago so this loan fell out of favor. However, many new home subdivisions are now suggesting it as part of a builder paid 2/1 buydown to help sell homes in a bad market. Although the borrowers must qualify at the actual full interest rate, they can enjoy a lower payment for a couple of years at no expense to themselves.