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fixed-rate loan |
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Fixed-rate loan A loan whose rate is fixed for the life of the loan. fixed-rate loan A certain percentage rate of interest that will not change over the life of the loan. Contrast with adjustable-rate loan or mortgage. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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to secure the 10-year, fixed-rate loan through Freddie Mac. Those with existing ARMs who are trying to decide whether to convert to a fixed-rate loan should tally up conversion lees (which vary) and any prepayment penalties and closing costs, and compare the total to the maximum possible increase in monthly payments they'd be subject to if they kept the ARM for the remainder of the time they plan to be in the home. the rate on a 30-year fixed-rate loan leapt from 6-1/4 percent with 1-1/2 points on Tuesday to 7 percent with 2-1/8 points on Friday. |
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