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What is a fixed rate mortgage?

April 26, 2017consumer reviews fixed rate mortgage fixed rate mortgages John mortgage broker mortgage deals mortgage loan mussi product reviews Reviews

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What is a fixed rate mortgage?

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When you take a fixed rate mortgage, your interest rate will not change throughout the term of the mortgage. The advantage of this is that you will always know how much your payments are and how much equity you will have in your home at the end of the term.

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The interest rate on a fixed-rate mortgage is set for a pre-determined term – usually between 6 months to 25 years. This offers the security of knowing what you will be paying for the term selected.

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A fixed rate mortgage is a home loan with steady interest rates and monthly payments that do not change throughout the life of the loan.

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This is the most common loan arrangement in the US With a fixed-rate mortgage the loan’s principal and interest are amortized, or spread out evenly, over the life of the loan, giving you a predictable monthly payment.

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In a Fixed Rate Mortgage, principle and interest payments remain the same for the life of the loan. There are typically for terms of 15,20 or 30 years. The advantage of a fixed mortgage loan is that they are predictable and are not affected by interest rate changes and inflation like an adjustable rate mortgages.

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