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What is a fixed rate mortgage?

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What is a fixed rate mortgage?

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A mortgage in which the buyer contracts for a specified interest rate over a specified period of time. The principal and interest payment does not vary. A fixed-rate mortgage is a type of mortgage in which the interest rate is fixed for the life of the loan.

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A fixed rate mortgage has a fixed interest rate which is valid for the life of the loan. A fixed rate mortgage features a payment that will stay the same for the entire term of the loan be it 10, 15, 20 or 30 years.

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It simply means that for the term of your mortgage the interest rate charged is a fixed amount and does not change during the term of your mortgage. If you look at our rate comparisons you will see this distinction between fixed and variable rates.

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