A fixed rate loan may be an ARM or a conventional loan

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Step-by-step explanation:

A fixed rate loan is different from an Adjustable rate mortgage because in the fixed rate loan, the interest rate is determined while taking the loan and does not change with time. In adjustable rate mortgage, the interest rate can go up or decrease depending on other factors. A convectional loan is that type of mortgage given by private such as banks and credit unions instead of a Federal Housing Administration.