Q: How much do I need to save for a down payment?
A: The amount you need to save for a down payment will vary depending on the type of mortgage loan you are getting and your financial situation. However, it is generally recommended to save at least 20% of the purchase price of the home. This will help you avoid paying private mortgage insurance (PMI), which is an additional monthly payment that is required for borrowers who put down less than 20%.
Q: What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage (ARM)?
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