Mortgage Glossary
Fixed-Rate Mortgage
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A fixed-rate mortgage keeps the same interest rate and principal-and-interest payment for the entire loan term.
What Fixed-Rate Mortgage means
Because the rate never changes, your payment is predictable for the full 15 or 30 years. It's the most popular choice for buyers who want stability and plan to stay in the home long term.
Florida example
A Florida family taking a 30-year fixed at 6.75% knows their $2,270 principal-and-interest payment won't move, even if rates climb. Only taxes and insurance in escrow can change their total payment.
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