fixed rate mortgage
fixed rate mortgage see mortgage

Merriam-Webster’s Dictionary of Law. . 1996.

fixed rate mortgage
A mortgage loan that has an interest rate that remains constant throughout the life of the loan, usually 15 or 30 years.
Category: Real Estate & Rental Property → Buying a House

Nolo’s Plain-English Law Dictionary. . 2009.

Look at other dictionaries:

  • Fixed rate mortgage — A fixed rate mortgage (FRM) is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or float. Other forms of mortgage loan include interest only… …   Wikipedia

  • Fixed-Rate Mortgage — A mortgage that has a fixed interest rate for the entire term of the loan. The distinguishing factor of a fixed rate mortgage is that the interest rate over every time period of the mortgage is known at the time the mortgage is originated. The… …   Investment dictionary

  • fixed-rate mortgage — A mortgage where the rate of interest is fixed for a set period of time. The advantage of this type of mortgage is that the investor can budget accurately. Even if interest rates rise or fall and lenders alter their mortgage rates in line, your… …   Financial and business terms

  • fixed-rate mortgage — A mortgage in which the rate of interest paid by the borrower is fixed, usually for the first few years of the loan …   Big dictionary of business and management

  • fixed-rate mortgage — /fikst rayt / a home mortgage for which equal monthly payments of interest and principal are paid over the life of the loan, usually for a term of 30 years. * * * …   Universalium

  • fixed-rate mortgage — /fikst rayt / a home mortgage for which equal monthly payments of interest and principal are paid over the life of the loan, usually for a term of 30 years …   Useful english dictionary

  • fixed-rate — UK US noun [C] ► FINANCE an interest rate on a loan that is fixed when the loan is taken out and that does not change: »a buy to let loan at a fixed rate of 4% → Compare FLOATING RATE(Cf. ↑floating rate), VARIABLE RATE(Cf. ↑ …   Financial and business terms

  • fixed rate — A traditional approach to determining the finance charge payable on an extension of credit. A predetermined and certain rate of interest is applied to the principal. Bloomberg Financial Dictionary * * * fixed rate fixed rate ➔ rate1 * * * fixed… …   Financial and business terms

  • mortgage, fixed-rate — n. A mortgage with an interest rate that remains the same throughout the life of the mortgage. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …   Law dictionary

  • fixed rate — n: a rate (as of interest) that stays the same a mortgage with a fixed rate Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

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