Fixed-Rate Mortgage
A loan with an interest rate that stays the same for the entire term.
Definition
With a fixed-rate mortgage, your principal-and-interest payment does not change over the loan’s life, simplifying budgeting.
A loan with an interest rate that stays the same for the entire term.
With a fixed-rate mortgage, your principal-and-interest payment does not change over the loan’s life, simplifying budgeting.