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LeoGlossary: Conventional Fixed Rate Mortgage
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A fixed-rate mortgage offers you a set interest rate and payments that do not change throughout the life, or "term," of the loan.
A conventional fixed-rate loan is fully paid off over a given number of years-usually 15, 20, or 30. A portion of each monthly payment goes towards paying back the money borrowed, the "principal"; the rest is "interest'.
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