What Is a Fixed-Rate Mortgage?
Among the most popular in the United States, a fixed-rate mortgage appeals to many borrowers because it offers a consistent mortgage payment amount over the life of the loan.
The greatest benefit of a fixed-rate mortgage is that the interest rate remains unchanged for the duration of the loan; however, loans with longer terms will have a higher interest rate than loans with shorter terms due to interest rate risk, or the possibility of fluctuating interest rates.
Fixed-Rate Mortgage Benefits
Fixed-rate mortgages allow you to easily budget your finances by making consistent, fixed payments over the duration of your loan.
Fixed-rate mortgages allow you to lock-in an interest rate and principal payment for the entire life of the loan. Your rate and principal payment never increase, even if the market changes – giving you peace of mind.
Other benefits include:
- Competitive interest rates
- Locked interest rate for the life of your loan
- Easier-to-understand loan terms and paperwork
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