If the interest rates and monthly mortgage payments will 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 is one in which the interest rate and monthly mortgage payments remain the same for the entire life of the loan. This provides borrowers with stability and predictability in their budgeting and planning. Other mortgage options, such as adjustable rate mortgages or graduated-payment mortgages, can have fluctuating interest rates and monthly payments, which can make budgeting more difficult.

If the Interest Rates and Monthly Mortgage Payments Will Not