The size of your down payment will affect your mortgage rate. A larger down payment will result in a lower interest rate. Lenders typically prefer a down payment of at least 20%, but you may be able to get a loan with a smaller down payment.
What type of loan should I choose?
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.
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