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What Are Fixed-Rate Mortgages?
As the name suggests, a fixed-rate mortgage is a type of loan where the interest rate stays the same for the entire duration of the mortgage. The most important thing to remember here is that the monthly payments also stay the same throughout the repayment period.
For fixed-rate mortgages, the repayment period can run anywhere between 1-15 years. In many cases, lenders set 2-5 years for repayment.