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What is the advantage of a longer-term fixed rate loan?

April 26, 2017advantage fixed loan longer-term rate

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What is the advantage of a longer-term fixed rate loan?

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The obvious advantage is that by stretching out the payback period over a longer time period, your monthly payments will be lower. For example: a loan on a 30 year term will have a lower monthly payment than the same loan amount on a 15 year term.