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Mortgage glossary
Fixed-Rate Mortgage
A mortgage with an interest rate that does not change during the loan term. The scheduled principal-and-interest payment remains the same, but the total monthly payment may change because of taxes, insurance, mortgage insurance, or other items.
In plain language
This term may appear in conversations, forms, or documents during the mortgage process. If something important changes in your situation, ask how it may affect your case before making a decision.
This explanation is general and educational. It is not personalized advice, a loan offer, or a promise of approval.