There are three main categories that most loans fall into: fixed-rate, adjustable-rate and hybrid loans when looking for property in North Fl. A fixed-rate mortgage, as the name implies, maintains the same interest rates for the life of the loan. Fixed-rate mortgages are traditionally the most popular choice among homeowners. This is because the fixed monthly payment is easier to plan and budget for, and can help protect against inflation. Most commonly, fixed-rates are in 15, 20, or 30-year terms, but lately, more lenders have begun offering 40-year loans to help those looking for property afford the purchase.