A fixed rate mortgage is the type of home where the interest rate remains the same for the entire term of the loan.
Typically 15 to 20 or 30 years means that the monthly principal and the interest payments also remain consistent throughout the long term, providing predictability and stability for the borrower.
Three mortgages are a couple of homebuyers who prefer the security of knowing that their mortgage payments will not change over time, regardless of the fluctuation in the borrower economy or interest.
