Be a Giving Heart!
We’ll donate $25,000 to one lucky charity on Giving Hearts Day, plus surprise two more $10,000 winners. Nominate your favorite charity now >

Conventional Fixed-Rate Mortgage

Definition

Offers you a set interest rate and payments that do not change throughout the life, or “term,” of the loan. A conventional fixed-rate loan is fully paid off over a given number of years – usually 15, 20 or 30. A portion of each monthly payment goes toward paying back the money borrowed, or the “principal,” with the rest being interest.