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Chapter 4. Mortgages > What Kind of Mortgage Should I Get?

What Kind of Mortgage Should I Get?

This decision used to be a heck of a lot easier; before the 1980s, mortgages came in one basic flavor. The rates were fixed, you paid them back over 30 years, and then you held a mortgage-burning party where you triumphantly set fire to your loan paperwork.

Spiking interest rates in the 1980s brought adjustable-rate loans, where borrowers got low “teaser” rates in exchange for the possibility that their payments would change with interest rate swings.


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