About 30 year fixed mortgage
A fixed rate mortgage is one in which the interest rate does not change over the loan duration. In a 30 year fixed mortgage, the interest rate will remain the same over the duration of the entire term of 30 years. This is not surprising when you consider that almost 75 percent of all home mortgages are actually fixed rated.
There is one big advantage of a 30 year fixed mortgage. You get to know precisely what your mortgage interest and principal payments are going to be and this way, you can plan how you are going to budget for your mortgage payments.
