A Fixed Payment Mortgage is a loan secured by real property that features periodic payments of interest and principal that remain constant over the term of the loan. It is a subset of Fixed Rate Mortgages but maintains a fixed payment schedule throughout its term.
A permanent mortgage is a long-term financing option, typically over 10 years, used to finance the purchase or sustainment of a real estate property. It becomes fully amortized over time and is often used in conjunction with construction loans.
