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fixed rate loan
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fixed rate loan


We knew we wouldn’t move, so we paid a little extra to get a fixed rate loan.
  a loan in which the interest rate remains the same for the entire term of the loan
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fixed rate mortgage fixed rate loan
Strongly Associated with:   adjustable rate loan
Notes:
If a fixed rate loan is also a fully amortized loan, the payment amount will be the same each month; though in the early years, the great bulk of the payment will go towards paying interest and in the final years, the great bulk of the payment will go towards paying interest.

Fixed rate loans are in contrast to adjustable rate loans.
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  • We knew we wouldn’t move, so we paid a little extra to get a fixed rate loan.
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Associated words [difficulty]:   fixed rate loan , adjustable rate loan [9] , mortgage [2] , adjustable rate loan [9] , home equity [9]
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Most commonly used in these subjects:   Personal Finance, Business
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