An interest rate is applied on the principal amount borrowed. That is referred to as mortgage interest rate, which varies between 5 to 8 percent.
Mortgages are primarily classified into fixed-rate and adjustable-rate …
To understand a fixed-rate mortgage, we should know what a mortgage is? A mortgage, in simple terms, is the loan that a person uses to buy a home or land. That person becomes the borrower and agrees to pay the …