If the interest rate and monthly mortgage payment do not change over the life of your mortgage, you have a(n):
A)reverse-annuity mortgage.
B)fixed-rate mortgage.
C)adjustable-rate mortgage.
D)rollover mortgage.
E)graduated-payment mortgage.

Question

Quizplus · Accepted Answer

A fixed-rate mortgage has an interest rate that remains the same for the entire term of the loan, which means the monthly mortgage payments also stay the same.

If the Interest Rate and Monthly Mortgage Payment Do Not