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| 30 Year Fixed Mortgage This is a loan with a term of 30 years where the interest rate does not change. This is a standard loan type. It is usually more expensive than other loans (the interest rate is higher, so the monthly payments are higher). The main advantage of this is that you don't have to worry about an interest rate change for 30 years. Since most people keep their property for less than 30 years, they will end up getting a new mortgage at the prevailing rates at the time. |