Fixed Rate Mortgage

A fixed rate mortgage is a mortgage with consistent payments throughout the entire life of the loan, because the interest rate and other aspects of the loan do no change.

40 Year Fixed Mortgage – A 40 Year Fixed Mortgage allows a borrower's monthly mortgage payments to be consistent every month for 40 years.
30 Year Fixed Mortgage – A 30 Year Fixed Mortgage is one of the most common types of mortgage loans. The mortgage interest rate remains the same for 30 years.
20 Year Fixed Mortgage – With the loan payments at a fixed rate for 20 years, the 20 Year Fixed Mortgage are a good way to shorten the life of the loan, build equity quicker, and pay less interest; however, monthly payments will be higher.
15 Year Fixed Mortgage – A mortgage with consistent monthly payments for 15 years.
10 Year Fixed Mortgage – A mortgage with consistent monthly payments for 10 years.

Pros:

The interest rate stays the same
Predictable P&I payment

Cons:

If the interest rate falls, you could be stuck paying a higher rate
Initial interest rate is higher than ARM