Fixed Rate Mortgage (FRM)
A fixed-rate mortgage is a loan where your monthly payments stay the same for the entire time you have the loan. In the beginning, most of your payment goes towards the interest. Over time, more of your payment goes to paying off the actual loan amount. The most common loan terms are 15 or 30 years. With a 30-year loan, your monthly payments are smaller, you might pay a bit more in interest compared to a 15-year loan.
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The interest rate remains fixed, for the life of the loan.
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Secondly, the payments remain the same for the life of the loan and are structured to repay the loan at the end of the loan term.
As the mortgage is paid down, more of the monthly payments are applied towards the principal.
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