What are mortgages
Mortgages are kind of secured loans which you can take against any property like a car or a house. You will have to pay off the loan within a fixed span of time in moderate installments. There are different types of mortgages like “fixed rate mortgage” and floating or “adjustable rate mortgage”. Mortgages are categorized according to the interest rates payable on them which are floating and fixed interest rates. The fixed rate defines that you will keep paying the same rate of interest for your mortgage loan even if the market rate is fluctuating. But the floating rates can change with time. This is the reason why the fixed rates are slightly higher than the floating rates.
