- Fixed-Rate Mortgage - interest rates and monthly payments remain unchanged for the life of
the loan
- Adjustable-Rate Mortgage - interest rates and monthly payments can go up or down,
depending on the market
- Hybrid Loans - a combination of fixed and adjustable mortgages
How do you decide which loan is best? These questions may help.
- How much cash do you have for a downpayment?
- What can you afford in monthly payments?
- How might your financial situation change in the near future and beyond?
- How long do you intend to keep this house?
- How comfortable would you be with the possibility of your monthly payments increasing?
Discuss these with your lender so they can help you decide which loan would best suit you.
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