Wilma is ecstatic about the purchase of her first house. She has taken out a 30-year mortgage at a 5.25 percent interest rate, and her mortgage broker has informed her that the interest rate will not change for the life of the loan. What type of loan did Wilma take out?

Question

Quizplus · Accepted Answer

Wilma took out a fixed-rate loan, which means the interest rate on her mortgage will remain constant throughout the term of the loan, in this case, 30 years.

Wilma Is Ecstatic About the Purchase of Her First House