FIXED RATE MORTGAGE Definition

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FIXED RATE MORTGAGE is a mortgage with level monthly payments determined at the outset of the mortgage and remaining constant throughout the life of the mortgage.

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PROFIT is the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses).

COVERAGE OF FIXED CHARGES is computed by taking your net income, before taxes and fixed charges (debt repayment, long-term leases, preferred stock dividends etc.), and dividing by the amount of fixed charges. The resulting number shows your ability to meet your fixed obligations of all types i.e. the higher the number, the better.

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