2006-12-03 03:43:06 · 8 answers · asked by Sherry W 1 in Business & Finance ➔ Renting & Real Estate
It means a mortgage that must be repaid with periodic payments in no more than 30 years, with an unchanging interest rate on the balance of the loan.
2006-12-03 03:46:27 · answer #1 · answered by Rich Z 7 · 0⤊ 0⤋
30-year fixed mortgage is a loan that has an interest rate that stays the same for the 30-year term of the loan. Fixed rates are virtually identical from lender to lender.
Fixed rate is based on the lender's projection of possible loss over the 30 year term. That is why it is higher than an adjustable!
2006-12-03 20:41:58 · answer #2 · answered by ALEGNA 3 · 0⤊ 0⤋
The rate is at a fixed rate for 30 years.
2006-12-03 05:11:50 · answer #3 · answered by Karen R 3 · 0⤊ 0⤋
Pretty much what it says-- a 30 year mortgage at a fixed rate of interest (say 7%) instead of a mortgage rate that balloons or varies with the prime rate of interest.
2006-12-03 03:46:27 · answer #4 · answered by William E 5 · 0⤊ 0⤋
Fixed rate doesnt necessarily mean it never changes. Its based on the the federal prime interest rate, which does fluctuate.
2006-12-03 04:44:35 · answer #5 · answered by JC 7 · 0⤊ 0⤋
I'm curious as well
2016-08-08 20:40:57 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Was asking myself the same question
2016-08-23 11:57:47 · answer #7 · answered by Anonymous · 0⤊ 0⤋
maybe so
2016-09-19 11:12:56 · answer #8 · answered by Anonymous · 0⤊ 0⤋