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Exploring Different Mortgage Types

There are several types of mortgages available, each with its own advantages and potential drawbacks. Fixed-rate mortgages offer stability with consistent payments, making budgeting easier and protecting you from interest rate fluctuations. On the other hand, adjustable-rate mortgages (ARMs) typically start with lower interest rates, which can be advantageous if you plan to sell or refinance before the rate adjusts. Additionally, interest-only mortgages and reverse mortgages provide unique opportunities for specific financial strategies. By exploring these options, you can tailor your mortgage to fit your financial goals.