Fixed Rate Mortgage
Nov 21st, 2006 by chief
Fixed-rate mortgage
The most popular type of mortgage. It has a fixed interest rate and monthly payment that extend over the life of the loan. This type of mortgage is appealing to many buyers in the US because it brings certainty to their monthly budgets. The drawback of this mortgage is that payments don’t drop when interest rates do.The most popular fixed-rate mortgages run 15 and 30 years. However, many lenders will also grant 20 and 40 year mortgage terms as well.