Q: What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage (ARM)?
A: With a fixed-rate mortgage, your interest rate will remain the same for the life of the loan. This can provide you with peace of mind, knowing that your monthly mortgage payments will not change. With an ARM, your interest rate will adjust periodically, based on market conditions. This can lead to lower monthly payments in the early years of the loan, but your payments could increase in the future.
Q: What is the down payment requirement for a mortgage?
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