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Fixed
Rate Mortgages
A fixed rate
home loan is the most popular form of loan. The payments remain the same
from the time the loan begins until it is paid off in full. Property tax
and insurance can be paid monthly with your principle and interest
payment and they may increase during the life of loan. This would be the
only cause for a payment increase.
Fixed rate mortgages are offered in 10, 15, 20, and 30 year periods. The
longer the loan term the more interest you will pay. On average the
interest on a 15 year loan will be one half the amount of the principle
whereas on a 30 year loan you may pay up to double the amount of
principle.
Toward the beginning of the loan term more is paid to the interest than
to the principle. As time progresses more and more is paid to the
principle and less is paid to the interest. Typically it takes over 20
years to pay off half of the principle on a 30 year mortgage.
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