Fixed-Rate Mortgage Definition: A fixed-rate mortgage is a loan to buy a home or property with a fixed interest rate for the duration or term of the loan. It’s a popular choice for many consumers as a fixed-rate mortgage because it’s predictable throughout the entire term of the loan, and they know how much they will pay every month.
In most cases, fixed-rate mortgages are amortized loans, and it is a locked-in loan, which means it does not fluctuate, so you’ll always pay the same amount every month, even if the market changes. Many borrowers prefer fixed-rate mortgages when they invest in property.
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