Sentences with phrase «same over the term of the mortgage»

Fixed rate refers to the fact that the interest rate remains the same over the term of the mortgage.

Not exact matches

While cutting the repayment term in half significantly raises monthly payments, a shorter loan will save you over half the final cost of interest on a 30 - year mortgage for the same loan amount.

As the name suggests, a fixed - rate mortgage is when the interest rate stays the same over the life or «term» of the loan.

This makes it very different from a fixed mortgage, which instead carries the same rate of interest over the entire term or «life» of the loan.

While lowering your interest rate is always good, if you increase your loan term at the same time, then you may increase your finance charge, or the total dollar amount you pay loan over the life of your mortgage.

Another thing to consider is that a mortgage life insurance policy is often written as a decreasing term policy, so the death benefit decreases over time, (just as your mortgage payoff amount decreases as you pay your monthly mortgage payments), but the premium remains the same over the life of the policy.

While cutting the repayment term in half significantly raises monthly payments, a shorter loan will save you over half the final cost of interest on a 30 - year mortgage for the same loan amount.

Many types of consumer loans, including mortgages, car loans, and student loans, are amortized over a fixed term, during which borrowers pay the same amount each month.

Decreasing term life insurance — sometimes called «mortgage insurance» — offers a death benefit that shrinks over time, and a premium that remains the same for the duration of the policy.

Another thing to consider is that a mortgage life insurance policy is often written as a decreasing term policy, so the death benefit decreases over time, (just as your mortgage payoff amount decreases as you pay your monthly mortgage payments), but the premium remains the same over the life of the policy.

A decreasing value term life insurance life policy such as mortgage insurance has the drawback of having equal premiums throughout the course of the policy while the face value of the policy decreases over the same period.

Fixed mortgage rates, where the interest rate is fixed over the course of the mortgage term, are a little more complicated — they shadow Government of Canada bond yields of the same term.

With a fixed - rate mortgage, you have the comfort of knowing that your interest rate and monthly payments will stay the same over the long term, even if you keep the loan for the full 30 years.

This makes it very different from a fixed mortgage, which instead carries the same rate of interest over the entire term or «life» of the loan.