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What is a 30-year Fixed Mortgage?


A 30-year fixed mortgage is a loan whose interest rate stays the same for the duration of the loan. For example, on a 30-year mortgage, the monthly payment and interest rate would stay the same for the life of the loan.

A 30-year fixed mortgage is perfect for people who want a predictable, fixed deduction from their monthly budget. It's also an attractive option if you plan to stay in a house for more than 5-7 years and want to spread out your mortgage payments over a longer time to make them more affordable.

The Benefits:

  • A predictable monthly payment.
  • Simple and easy to understand.
  • Fixed rate protects against fluctuations in rate due to market conditions.
  • Payments will typically be lower than other shorter term fixed rate products due to the duration of the loan.



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