Consumers have so many mortgages choices, financing a home can become a full time job in itself. Fixed rate loans are the most popular form of home loan. Here are the facts.

Pros

Fixed rate loans are considered the safest borrowing option for the long-term. Since the loan is fixed for the entire term, homeowners are protected against swings in mortgage rates. The monthly payment you agree on up front is the monthly payment you will make until the home is paid off.

Cons

Interest rates on fixed mortgages are usually higher than rates on adjustable rate mortgages. This means payments are likely to be higher during the first few years than they would be with an ARM. A homebuyer looking for the lowest monthly payments will probably find a better option elsewhere.

But remember, just because that adjustable rate is lower today, it may not be so tomorrow. Homebuyers are wise to speak with a financial advisor to map out the long term.

For more information on mortgages visit www.bankrate.com , www.federalreserve.gov or www.mortgagebankers.org.