A fixed-rate mortgage means the interest rate will not change over the life of the loan. Each month you will pay back some of the loan principal and some interest on the loan to the lender. Monthly payments for a fixed-rate loan will not change throughout the term of the loan. You will have the same, set payment each month.
There are two main fixed-rate loan terms, those are 15- and 30-year terms. Generally speaking, the lower the term, the lower the interest rate it carries. However, it is important to choose loan terms that fit your budget and financial situation.
For more information on fixed-rate mortgages:
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