Fixed Rate Mortgage (FRM)

The Fixed Rate Mortgage (FRM) offered by Legacy Home Finance is a popular loan option where the principal and interest payments remain constant throughout the loan's duration. These mortgages are available in terms ranging from 10 to 30 years and can generally be paid off early without incurring penalties. The structure of this mortgage ensures it is fully amortized by the end of the term. Although the monthly payment is stable, it may vary if associated with an impound account, which handles the prorated costs of property taxes and homeowners insurance, adjusting payments as necessary when these expenses fluctuate.