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Fixed rate mortgage

What Are Interest Rates Anyway – And How Do They Work?

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The Interest Rate on a Loan

Most people are familiar with how basic interest rates on loans are calculated. Anyone who knows how to figure out a percent discount can easily determine how much interest will be paid on a simple loan. For a loan with 10% interest paid on a balance of £100, ‘£100 x 0.10 = £10.’…

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Fixed Rate Mortgages Explained in Plain English

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Fixed rate mortgages have been the most popular type of home loan in the U.S. for many decades. They allow the home buyer to lock an interest rate into place permanently. The size of the payment never changes over the entire twenty, twenty-five, or thirty year life of the mortgage. However, as the home buyers advance in their careers and the value of money decreases through inflation, the mortgage payment …

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