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    The monthly interest payments remain unchanged through the whole term in

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    A mortgage is a loan that is paid back over a set period of time. Taking a mortgage therefore involves paying a certain amount as interest in addition to the principal borrowed. Mortgages can be broadly classified into two types based on the interest rates. These are fixed rate mortgages and adjustable rate mortgages. Most financiers currently offer a number of variations of these two basic types of mortgages.

    The monthly interest payments remain unchanged through the whole term in f

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    The monthly interest payments remain unchanged through the whole term in

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    oadly classified into two types based on the interest rates. These are fixed rate mortgages and adjustable rate mortgages. Most financiers currently offer a number of variations of these two basic types of mortgages.

    The monthly interest payments remain unchanged through the whole term in

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    ustable rate mortgages. Most financiers currently offer a number of variations of these two basic types of mortgages.

    The monthly interest payments remain unchanged through the whole term in

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    ypes of mortgages.

    The monthly interest payments remain unchanged through the whole term in fixed rate mortgages. Thus the borrower does not encounter the problem of having to make unexpected large payments. Fixed rate mortgages are usually taken for 15 or 30 years, although other terms are also possible.

    Although the monthly payments may be lower, the borrower pays more as interest on long-term loans as opposed to shorter-term loans. A short term also means that the buyer gets

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