Personal | Planning | Life Events | Buying a Home | Your Dream Home
You will likely then shift your attention to financing your home. Unless you've saved up enough money to buy the home outright with cash, you'll finance it with a mortgage from a bank or mortgage company. There are many different varieties of mortgages, but they all fall into one of two broad categories: fixed-rate mortgages and adjustable-rate mortgages (or ARMs). As the names imply, the interest rate on a fixed-rate mortgage stays the same throughout the life of the loan, while the rate on an ARM will change to reflect current market rates after a set period of time, which usually ranges anywhere from one to 10 years.
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