A mortgage with an interest rate that does not change during the entire term of the loan.
A loan secured by real property featuring an interest rate that is constant for the term of the loan.
A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.
A mortgage whose rate remains constant throughout the life of the mortgage.
- Browse Related Terms: Alternative mortgage instrument (AMI), Buydown Account, closed-end mortgage, Fixed payment mortgage, fixed-rate mortgage, graduated payment mortgage (GPM), Graduated Payment Mortgages, Growing-Equity Mortgage (GEM), Low-Down-Payment Feature, Property Appreciation, Variable payment plan
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