The Fixed product provides fixed monthly principal and interest payments. Your principal and interest payment stay the same for the term on the loan. Terms are typically for 30, 25, 20, 15 or 10 years. This option is for those borrowers who plan to stay in their home for several years. Qualifying is based on the note rate/payment and these loans are typically sold to Fannie Mae (FNMA) and Freddie Mac (FHLMC). Both of these government agencies utilize automated underwriting systems.