Fixed mortgage rates are sought after the most in Virginia If you wish to buy a house in Virginia, you can seek loans from Virginia mortgage lenders. There are three types of mortgages available with Virginia mortgage lenders: fixed mortgage, adjustable mortgage and hybrid mortgages. Before you settle for a mortgage you need to spend some time planning for the finances. Without proper planning you may end up biting more than you can chew. Planning the finances for your house can actually help you bring down the overall cost of buying a house. This can best be done by choosing the right mortgage. However, the type of mortgage that is perfect for your needs depends on several important factors. Most people prefer to settle for a fixed mortgage. There are several advantages to opting for a fixed mortgage. A fixed mortgage ensures that your monthly payments do not vary throughout the tenure of your loan. This is because the interest rates charged on fixed mortgagesdo not vary. The mortgage amount is re-paid in evenly spread over monthly installments. The term of a fixed mortgage can vary from anything between loan 10, 15, 20, 30 to 40 years. The biggest advantage of a fixed mortgage rate is that, you are insulated from the fluctuations of an ever volatile interest rate. This means you do not have to shell out more if the interest rate increasessuddenly. People who are averse to risk taking would prefer this mortgage over other mortgages. The disadvantage of this type of mortgage is the chance of losing out in paying less if the interest rates comes down. This means even if the interest rate falls, you will have to pay the same monthly installment, though the installment for the prevailing rates may be far less. However, loan seekers prefer to overlook this aspect. This explains for the huge rush for fixed mortgage rates with Virginia mortgage lenders.