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Florida Fixed Rate Mortgage
In a Fixed Rate Mortgage, the interest rate, and hence monthly payment, remain fixed for the life (or term) of the loan. In Florida, the term is usually for 10, 15, 20, or 30 years. The only increase a consumer might see in their monthly payments would result from an increase in their property taxes or insurance rates (paid using an escrow account, if they've opted to use an escrow). But payments for principal and interest will be consistent throughout the life of the loan using an Fixed Rate Mortgage. |
