Quote:
Originally Posted by evildick
Locked in for 30 years? Wow, I didn't even know you could lock in a mortgage for that long. Or do you just mean amortized over that period?
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It's a 30 year fixed mortgage. It used to be the standard in the US.
Now all you hear about is these creative loans like ARMs, Interest Only, etc.
http://en.wikipedia.org/wiki/Fixed_rate_mortgage
"Fixed rate mortgages are the most classic form of loan for home and product purchasing in the United States. The most common terms are 15-year and 30-year mortgages, but shorter terms are available, and 40-year and 50-year mortgages are now available (common in areas with high priced housing, where even a 30-year term leaves the mortgage amount out of reach of the average family)."