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.
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