The interest rates and monthly mortgage payments will not change over the life of your mortgage if 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 locks in a specific interest rate for the entire term of the loan, ensuring that both the interest rate and monthly mortgage payments will remain constant. This type of mortgage offers stability and predictability for homeowners, as there are no surprises in terms of interest rate fluctuations or payment increases.

The Interest Rates and Monthly Mortgage Payments Will Not Change