Back to Glossary
Fixed-Rate Mortgage
January 19, 2023
A "fixed-rate mortgage" is a house loan with a fixed interest rate for the loan duration. This means that the mortgage has a fixed interest rate from start to finish. Fixed-rate mortgages are popular among customers who want to know how much they will pay each month. A fixed-rate mortgage is a house loan with a fixed interest rate over the loan's entire term. Once locked in, the interest rate does not change in response to market conditions. Fixed-rate mortgages are preferred by borrowers who seek certainty and who plan to own property for an extended period.
Related Topics
10 Best Home Builders in Nashville, TN: Find Your Dream Home Today
Wesley Mortgage 2023 Year-In-Review
What Is a Property Tax Lien
What Is an Adjustable Rate Mortgage (ARM)?
Navigating the Process of Mortgage Modification
What Is Non-Recourse Lending?
What Is a Short Sale?
When Is the First Mortgage Payment Due?