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What are the advantages of a fixed-rate loan?

April 26, 2017advantages fixed-rate loan

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What are the advantages of a fixed-rate loan?

3 Answers

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With a fixed-rate loan, the interest rate will be guaranteed for the life of your loan. The payments are fully amortizing so when your loan is paid off, so is your debt.

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With a fixed-rate loan, you know what your payments will be each month for the life of your loan. Since the payments are fully amortizing, you will be able to actually see the principal balance reduced, and your equity increase, each month until the loan is paid off.

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With a fixed-rate loan, the interest rate will be guaranteed for the life of your loan. The payments are fully amortizing so when your loan is paid off, so is your debt!