For homeowners who crave an unchanging monthly payment, a 30-year fixed rate mortgage is the best bet. This mortgage freezes interest payments at a specific level for the life of the loan (30 years). It offers the lowest monthly payments of fixed rate loans, while providing for a never-changing monthly payment schedule. This mortgage allows homeowners to budget more effectively from the very beginning of a mortgage, and plan for increased equity at a steady rate over time. The drawback for 30-year fixed-rate mortgages is the increased amount of interest paid over the life of the loan.
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