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Fixed rate mortgages are the mortgages wherein the rate of interest remains constant throughout the tenure of the mortgage loan. Unlike adjustable rate mortgage, the rate of interest doesn't change and the borrower need not fear an increase in the monthly payments. It is very popular among borrowers. There are many types of fixed rate mortgage.
The two most commonly borrowed long-term mortgages with fixed interest rate are:
- 30 Year Fixed Rate Mortgage (30 Yr FRM): The tenure of this mortgage loan is spread over 30 years. You can pay off your loan amount along with the interest till thirty years from the day you get the loan
- 15 Year Fixed mortgage rate (15 Yr FRM): This is also similar to the previous one, but as there is only one difference that can be easily identified with the help of the name that suggests that this long-term mortgage program is for the tenure of 15 Years
You can also get 5 to 1o year fixed rate mortgage.
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