Fixed Rate Mortgage
/ˌfɪkst reɪt ˈmɔːrɡɪdʒ/
Definitions
- (n.) A mortgage loan with an interest rate that remains constant for the duration of the loan term.
She secured a fixed rate mortgage to ensure her monthly payments would not increase.
Forms
- fixed rate mortgage
- fixed rate mortgages
Related terms
See also
Commentary
The term emphasizes stability in interest payments, important for legal clarity in loan agreements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.