- Fixed-rate mortgages: Interest rates remain the same throughout the loan term.
- Adjustable-rate mortgages (ARMs): Interest rates can fluctuate over time, potentially affecting your monthly payments.
- FHA loans: Government-backed loans with lower down payment requirements.
- VA loans: Loans for eligible veterans and active-duty military members.
Q: How can I improve my chances of getting approved for a mortgage?
A: To improve your chances of mortgage approval, you can:
- Build a strong credit history by paying your bills on time and keeping your credit utilization low.
- Save for a down payment of at least 20% to avoid private mortgage insurance (PMI).
- Reduce your debt-to-income ratio by paying down debt or increasing your income.
Q: What are the closing costs associated with a mortgage?
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