A fixed rate mortgage loan is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may float.
Other forms of mortgage loan include interest only mortgage, graduated payment mortgage, flexible rate including changeable rate mortgages and tracker mortgages , negative payoff mortgage, and balloon payment mortgage.
Take to consideration that each of the loan forms above except for a direct changeable rate mortgage can have a period of the loan for which a fixed rate may apply.
A Balloon Payment for fixed rate mortgage loan, for example, can have a fixed rate for the term of the loan followed by
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