What is Fixed-Rate Mortgage?
What is Fixed-Rate Mortgage?
A fixed rate mortgage is when then interest rate of the loan does not change during the life of the loan. This means that your payments will also be the same every month.
It could be 5 years, 15 years, 30 years, and even 45 years these days.
Remember, the longer the life of the loan, the higher the interest rate.
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