Fixed-rate mortgage | Definition of Fixed-rate mortgage at. – fixed-rate mortgage definition, a home mortgage for which equal monthly payments of interest and principal are paid over the life of the loan, usually for a term of 30 years. See more.
A fixed-rate mortgage is a loan with a set interest rate throughout the life of the loan, regardless of whether rates go up or down. The most common mortgage is known as a 30-year fixed, which means the loan is paid over a 30-year period and the interest rate is fixed at the time of the purchase.
The Definition of Adjustable Rate Mortgage – An adjustable rate mortgage (arm) is based on an initial fixed period, followed by an adjustable period for the remainder of the loan. This is typically noted as X/Y with X being the initial fixed.
What does Fixed-rate mortgage mean? – definitions – Freebase (0.00 / 0 votes) Rate this definition:. Fixed-rate mortgage. A fixed-rate mortgage, often referred to as a "vanilla wafer" mortgage loan, is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float".
Fixed-rate mortgage dictionary definition | fixed-rate. – fixed-rate mortgage definition: A home loan in which the interest rate remains unchanged throughout the life of the loan. This results in a constant payment that won’t rise during the life of the mortgage even if interest rates rise.
RATES: Search for today’s lowest mortgage rates How long do I repay a fixed-rate mortgage? The mortgage term is the number of years you repay the loan. Fixed-rate mortgages usually come in terms.
Fixed-Rate Mortgage financial definition of Fixed-Rate Mortgage – Fixed-rate mortgage. A fixed-rate mortgage is a long-term loan that you use to finance a real estate purchase, typically a home. Your borrowing costs and monthly payments remain the same for the term of the loan, no matter what happens to market interest rates.
Moneysavingexpert Martin Lewis says Brexit will have HUGE impact on house prices and mortgages – Martin explained: "A fixed rate mortgage is by definition certain’. If you want certainty in these uncertain times, that’s what it does. “Mortgage rates are still near historic lows. There isn’t that.
This is in contrast to an interest rate ceiling (or cap). interest rate floors are often used in the adjustable rate mortgage (arm. involving the exchanging of fixed-rate debt for floating rate.
What is Fixed Rate? definition and meaning – A loan in which the interest rate does not change during the entire term of the loan. opposite of adjustable rate. " The loan was a fixed rate loan so the individual taking out the loan had one less variable to consider.