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Fixed rate is a loan in which the interest rate does not change during the entire term of the loan. The payments with a fixed rate are more steady and linear than with an adjustable rate.
Benefits:
- The payments are steady and predictable.
- The exact amount of interest over the span of the loan is known.
- Interest is tax deductable early on in the loan.
Disadvantages:
- Interests rates on fixed loans are higher than the starting rates of adjustable loans.
- If interest rates on loans were to go down, your rate would remain the same.
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