The mortgage structure you choose will have a big impact on your monthly payments, your total interest costs, and your overall financial security. It’s important to carefully consider your options and choose the structure that’s right for you. 3 ways to structure your mortgage:
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⚫ Fixed-rate mortgage: A fixed-rate mortgage has an interest rate that stays the same for the entire loan term. This can give you peace of mind knowing that your monthly payments will be the same each month.
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⚫ Adjustable-rate mortgage (ARM): An ARM has an interest rate that can change over time. This can be a good option if you’re looking for a lower initial interest rate, but it’s important to be aware of the risks involved.
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⚫ Hybrid mortgage: A hybrid mortgage combines features of both fixed-rate and ARM mortgages. This can be a good option if you’re looking for some flexibility in your interest rate.
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