Finance
A Connecticut homebuyer secures a 30-year fixed-rate mortgage. 'Fixed-rate' means that:
AThe monthly payment never changes, including taxes and insurance
BThe interest rate remains the same for the life of the loan✓ Correct
CThe loan can be paid off without penalty at any time
DThe loan is insured by the FHA
Explanation
A fixed-rate mortgage has an interest rate that does not change over the loan term, providing predictable principal and interest payments. Taxes and insurance may change even with a fixed-rate mortgage.
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