Fixed mortgage loans have an interest rate that stays the same throughout the loan term. This means your monthly payment will not fluctuate, unlike other loan types, such as adjustable-rate mortgages. These are ideal if you prefer predictable monthly payments and plan on staying in your home for a while.
They provide stability, which makes it far easier to budget over the life of the loan. Just be aware that initial rates might be slightly higher than adjustable-rate options.
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