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fixed-rate mortgage

[ fikst-reyt ]
/ ˈfɪkstˌreɪt /
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noun

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.

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Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021
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