Mortgage Types
Quick Overview

Fixed-Rate Mortgages:
Usually 15 to 30-year term loans that lock in a fixed interest rate for the life of the loan.

Adjustable-Rate Mortgages (ARM):
Usually offer a lower initial interest rate than fixed-rate loans for an introductory term and then adjusts periodically based on market rates.

Interest-Only Mortgages:
This mortgage type allows interest only payments during the first few years, ending with a balloon payment of the remaining balance.

Hybrid Mortgages:
Combination of fixed-rate and adjustable-rate loan.  There is a fixed-rate period before the rate becomes adjustable and then it follows the ARM loan model.

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