A: There are two main types of mortgage loans: fixed-rate loans and adjustable-rate loans (ARMs). Fixed-rate loans have an interest rate that stays the same for the life of the loan. ARMs have an interest rate that can change over time.
Q: What is the best loan term?
A: The length of your loan term will also affect your interest rate. Shorter loan terms typically have lower interest rates than longer loan terms. However, your monthly payments will be higher with a shorter loan term.
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