First, let's pinpoint the current average life of a mortgage loan. (iloanhomemortgage.com)
Fixed rate mortgages carry the same interest rate for the entire life of the mortgage, and can protect buyers from sharp spikes in interest rates. (supermoney.com)
It's these extra payments that add up and reduce your mortgage principal, which then saves you interest on the total life of your mortgage. (dominionlending.ca)