QWhat Is A Fixed-rate Mortgage?
AA fixed-rate mortgage is a mortgage where the interest rate on the loan remains the same throughout the lifetime of the loan. It is by far the most popular type of mortgage. It is stable and provides little to no risk like some other mortgages that are not fixed. The monthly payments that are made on the loan also remain the same for the duration of the loan. Most lenders offer fixed-rate mortgages in 15 and 30 year options.