If the interest rate and monthly mortgage payment do not change over the life of your mortgage, you have a(n):
A) reverse-annuity mortgage.
B) fixed-rate mortgage.
C) adjustable-rate mortgage (ARM).
D) rollover mortgage.
E) graduated-payment mortgage.

Question

Quizplus · Accepted Answer

If the interest rate and monthly mortgage payment do not change over the life of your mortgage, you have a fixed-rate mortgage. This means that both the interest rate and monthly payment remain the same, providing stability and predictability for the borrower.

If the Interest Rate and Monthly Mortgage Payment Do Not