A loan for a home in which the rate you’re paying the bank doesn’t change. A fixed-rate mortgage is amortized over a certain amount of time so that each of those “fixed” payments goes to paying back some of the principal and some of the interest each time. For example, a thirty-year, fixed-rate mortgage is one in which the borrower makes 360 (one per month) equal payments, after which the loan is paid off. (See also: ARM, Mortgage)
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