Having a fixed-rate mortgage is great because that means if the interest rate increases, your interest will not follow because of the rate already being pre-determined. However, if interest rates decrease, you are stuck with the same monthly payment that could have been lower in an adjustable-rate mortgage. Normally, the interest rate for this type of mortgage is generally higher than other types of mortgages such as an adjustable-rate mortgage. Therefore you may not be able to qualify for as large of a loan compared to others.
Your monthly payments can sometimes increase, this does not mean the mortgage payment is increasing, just that changes to your insurance or taxes have occurred. This is completely normal though, and should not be so much that it will affect any long-term plans that were put into place under your previous monthly rate. Check out Tampa Home Mortgage for more information on the topic of mortgages.
