Fixed Rate Mortgage
A fixed-rate mortgage is a type of home loan where the interest rate remains the same throughout the entire term of the loan. This means that the borrower will pay the same monthly amount of interest every month, which helps with budgeting and prevents unexpected increases in monthly payments. Typically, fixed-rate mortgages have terms of 15 or 30 years, and the interest rate is set based on prevailing market conditions at the time the loan is originated.