How Fixed Interest Rate Loans Work
If you are planning on staying in this home for the long haul or just looking for some stability in your monthly payment, a fixed rate loan is likely the right choice for you. With a "fixed" rate loan the interest rate remains the same over the term of the loan so your payments remain the same as well.
While there are several different repayment term options, 10, 15, 20, & 30 years, most people elect to go with a 30 or 15-year term
15- vs. 30-Year Mortgage
|Least Amount of Interest Paid|
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