This is the most popular type of mortgage as the monthly payment for interest and principal remains fixed through out the mortgage term, Property Insurance and taxes may increase but the monthly repayment of the amount will be stable.
Fixed rate mortgages are available for 10 years, 15 years, 20 years and 30 years period of time, there are also fixed rate mortgages available Biweekly this helps to shorten up the loan by making the payment every two weeks.
Fixed rate mortgages have 2 distinct features, first one is that the interest rate would remain the same through out the term of your mortgage, second feature is that payment of the loan remains level for the life and are structured for the repayment of the loan at the end of the mortgage term.
The most popular fixed rate loans are 30 years mortgage and 15 years mortgage. During early payment period, a large amount is being taken for the interest and the rest goes off to the balance principal amount, for instance a 30 years of fixed rate mortgage will take 22.5 yrs of the level payment of the loan for the payment of the half of the mortgage amount. Under 30 years of mortgage, month after the month you...
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