A fixed rate mortgage, like the name implies, maintains the same interest rate throughout the entire life of the loan. Borrowers can get this fixed rate mortgage usually in 10, 15, or 30 year terms. The 30-year fixed-rate mortgage is particularly good for the homebuyer who wishes to know how much the house payment will be every month; the payment is lower than other mortgage options and never varies from month to month. Borrowers pay down the actual loan (principal) and interest, building equity over time. The 30-year fixed-rate mortgage is particularly useful and helpful for homeowners who plan to live in the home for 10 years or more.
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