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A mortgage in which the monthly principal and interest payments remain the same throughout the life of the loan. The payment is calculated to payoff the mortgage balance at the end of the term. The most common mortgage terms are 30 and 15 years. With a 30-year fixed rate mortgage monthly payments are lower than on a comparable 15 year fixed rate, but the 15 year loan allows consumers to repay the loan twice as fast and save more than half the total interest cost.

Firm Commitment

First Mortgage

Fixed Installment

Fixed Rate Mortgage

Fixtures

Float

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