Q: What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage (ARM)?
A: A fixed-rate mortgage has an interest rate that stays the same for the life of the loan. This means that your monthly mortgage payments will be the same every month. An adjustable-rate mortgage (ARM) has an interest rate that can change over time, based on a market index. This means that your monthly mortgage payments could increase or decrease over time.
Q: What is the down payment on a house?
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