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| User Info | Fixed-term, fixed rate mortgage that recasts like an ARM?; entered at 2012-05-06 16:02:04 | |||
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Vitaeus Posts: 53 Registered: 2010-10-05 
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umm no, the benefit of a fixed rate mortgage is that extra payments will end the mortgage sooner. So paying extra will mean that you can be free and clear sooner. The interest is front loaded so that if you pay just the agreed upon sum early on you are going to pay way mopre than if you pay extra since the extra principal payment will lower your total interest paid over the life of the loan.
2012-05-06 16:02:04
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