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Types of Mortgages

When you are shopping for a mortgage, the different types that are available can make one’s head spin! Let’s take a look at the most common types of home mortgages available.

Traditional Fixed Rate Mortgages

The fixed rate mortgage was the only kind available for many years, and is still preferred by many home buyers. The mortgage is issued at a certain interest rate and that rate remains fixed for the length, or term, of the mortgage. Fixed rate mortgages are usually issued for 30 years, although 15-year mortgages are becoming more common.


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