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Types of Mortgages
When considering mortgages, it's crucial to understand the different types available, as each has unique benefits and potential drawbacks. Fixed-rate mortgages offer stability with a consistent interest rate and monthly payment over the loan term. In contrast, adjustable-rate mortgages (ARMs) start with lower initial rates that adjust over time based on market conditions1. For those looking to minimize upfront costs, interest-only mortgages allow you to pay only the interest for a set period before starting to pay down the principal2.