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Common Mortgage Q&A's

  • hillary930
  • Jul 10, 2024
  • 1 min read

Updated: Jul 12, 2024

Understanding Mortgages: A Comprehensive Guide

Purchasing a home involves securing a mortgageā€”a loan used to buy real estate. Two main types of mortgages exist:

  1. Fixed-Rate Mortgages: These maintain a constant interest rate throughout the loan term (typically 15 or 30 years). Predictable monthly payments make them popular for long-term planning.

  2. Adjustable-Rate Mortgages (ARMs): ARMs start with a fixed rate for a specified period (e.g., 5 years) and then adjust based on market conditions. While they offer lower initial rates, they carry more risk.

Consider factors like down payment, credit score, and closing costs when navigating the mortgage landscape. Consult a mortgage professional for personalized advice.


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