What is a Fixed Rate Mortgage? - Tri-State News, Weather & Sports

What is a Fixed Rate Mortgage?

Fixed-rate loans.

Because they offer a monthly payment that is known and does not change, fixed-rate mortgage loans remain the most popular type. A 30-year loan has lower payments, but a slightly higher interest rate, than a 15-year loan. To pay off a fixed-rate loan sooner, you should be allowed to make prepayments anytime and for any amount, and at no penalty. (For more information, visit Old National)

Information provided by by Old National. 

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