Fixed-rate Mortgage

Q: Fixed-rate Mortgage

[caption id="attachment_10881" align="alignnone" width="760"] Fixed-rate Mortgage[/caption] What is a fixed-rate mortgage? This mortgage's interest rate will never change , even if the term of the loan is 30 years. Fixed-rate mortgages typically have a term of 15 or 30 years. Homeowners prefer this type of loan as it has a lower amount of risk compared to variable-rate loans, and the monthly payment remains the same for the life of the loan.

January 26, 2023 By Libby Guthrie Leave a Comment

Fixed-rate Mortgage

Posted by Libby Guthrie

What is a fixed-rate mortgage?

This mortgage’s interest rate will never change, even if the term of the loan is 30 years.

Fixed-rate mortgages typically have a term of 15 or 30 years.

Homeowners prefer this type of loan as it has a lower amount of risk compared to variable-rate loans, and the monthly payment remains the same for the life of the loan.