What is A Fixed Rate Mortgage?
As its namemortgage is one where the interest rate on your home loan remains the same throughout its duration.
This differs from a loan where the interest rate may change over time, such as an adjustable rate mortgage.
Fixed rate mortgages are the most popular form of home loan in the United States largely due to the appeal of a consistent mortgage payment amount over the life of the loan.
In many instances, fixed rate mortgages have higher mortgage payments than adjustable rate mortgages. This is most often because the interest rate remains unchanged for the duration of the loan.
Fixed Rate Mortgage Benefits
The biggest benefit of a fixed rate mortgage is the fact that the interest rate does not change over time.
How long do I repay a fixed-rate mortgage?
The mortgage term is the number of years you repay the loan. Fixed-rate mortgages usually come in terms of 15 or 30 years. Here are some pros and cons of each term:
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