There are two main types of mortgages: fixed-rate mortgages and adjustable-rate mortgages (ARMs). Fixed-rate mortgages have an interest rate that stays the same for the life of the loan, while ARMs have an interest rate that can change over time.
What is the difference between a conventional loan and a government-backed loan?
Conventional loans are backed by private lenders, while government-backed loans are backed by the government. Government-backed loans typically have lower down payment requirements and interest rates than conventional loans.
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