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Real Estate City Information: Mortgages
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Fixed or Adjustable Interest
Rates
Interest rates are usually expressed as an annual percentage
of the amount borrowed. You can choose a mortgage with an interest
rate that is fixed for the entire term of the loan or one that
changes throughout. A fixed-rate loan gives you the security of
knowing that your interest rate will never change during the term
of the loan. An adjustable-rate mortgage (called an ARM) has an
interest rate that will vary during the life of the loan, with
the possibility of both increases and decreases to the interest
rate and consequently to your mortgage payments.
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