Fixed-rate vs. Adjustable-rate Mortgages: Which is Right for You?


The journey to homeownership involves making numerous important decisions, not the least of which is choosing the type of mortgage that best fits your financial situation and long-term goals. This article aims to provide an in-depth comparison of the two main types of mortgages—fixed-rate and adjustable-rate—assisting you in making an informed decision.

Understanding Mortgages

Before diving into the specifics of fixed-rate and adjustable-rate mortgages, it’s crucial to grasp the fundamentals of what a mortgage is. A mortgage is a loan provided by a financial institution or lender to assist a borrower in purchasing a property. It’s like a contract between the borrower and the lender, where the borrower agrees to repay the loan, plus interest, over a set period, called the loan term.

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