Marion wants to know exactly what her mortgage payments will be each month. What type of mortgage would be her best choice?
2 answers:
The <em><u>correct answer </u></em> is:
Fixed-rate mortgage.
Explanation :
A fixed-rate mortgage is one in which the interest rate is the same for the life of the loan.
Since the interest rate is the same each year, and the amount borrowed is set, the payments would be the same each month for the life of the loan.
Her best choice would be to take a fixed rate mortgage because it would let her know exactly how much she would pay each month.
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