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Fortunately for buyers, there are a
variety of mortgages to choose from. It is in your best interest to
investigate each of them to determine which is the best for your
situation. You probably won't qualify for all of them. In fact, you
may only qualify for one. But if you do qualify for more than one,
you may save yourself money (and worry) in the long run if you do
your homework before signing on the dotted line.
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Fixed-Rate Mortgages
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Adjustable-Rate Mortgages
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The Convertible ARM
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FHA and VA Loan
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Fixed
Rate Mortgages
Consider a fixed rate mortgage if either of the following
describes you:
1.You plan on living in your new
home for many years, and/or
2.You are not a risk-taker and
prefer the stability of knowing how much your payment will be monthly.
Since most home loans are for a period of 30 years, if you want
a payment you can count on for that long of a period of time, a
fixed rate mortgage may be what works best for you. Once your
loan amount and interest rate are calculated and locked in, a
fixed rate mortgage will guarantee that you will have the same
payment over the life of the loan. Making extra payments to
principal will allow you to pay your loan off sooner.
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