Real Estate Terms Glossary
What is a Fixed-Rate Mortgage?
Note that a fixed-rate mortgage is a loan that charges the same interest rate for the entire life of the loan. Did you know that fixed-rate mortgages have many term options?
These vary from ten to thirty years. However, regardless of your preferred loan term, the interest rate will remain the same for the whole length of your mortgage. This also means that fixed-rate mortgages do not fluctuate with the market.
Examples of Fixed-Rate Mortgages
- Example 1: 10-year fixed-rate mortgage
- Example 2: 30-year fixed-rate mortgage
Here’s Investopedia’s definition of a Fixed-Rate Mortgage .
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