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The variety of home loans available today can be daunting. You must be sure to research the mortgage products offered by banks and mortgage brokers. A fixed-rate mortgage is a mortgage in which the payment remains the same for the life of the loan. Most fixed-rate mortgages come in 15-year and 30-year terms. The primary benefit of a fixed-rate mortgage is its predictability. You know what the payment is going to be and can plan your household budget accordingly.