A: A fixed-rate mortgage has an interest rate that remains the same for the entire life of the loan. An ARM has an interest rate that can change periodically, typically every year or every five years. ARMs typically have lower interest rates than fixed-rate mortgages initially, but the interest rate can increase over time.
Q: What is the closing process like?
A: Closing is the final step in the homebuying process. At closing, you will sign the mortgage loan documents and take ownership of the home. The closing process typically takes place at a title company or attorney’s office.
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