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Financial Smarts: Part 3 Should I Get A Fixed, Adjustable, or Interest-Only Loan?
Many new homebuyers feel confused about all the options they have when it comes to loans. Which one is best: fixed, adjustable, or interest-only? A mortgage loan officer should be able to explain the benefits of each in detail. But here's a brief overview to get you started. Let's begin by looking at the advantages and disadvantages of the three most common types of loans.
A fixed-rate loan has an unchanging rate for the life of the loan ( 15, 20, 30, or even 40 years). Your
May
2017
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