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Types of Home Mortgages

There are several types of home mortgages available, each with unique benefits and considerations:

• Fixed-Rate Mortgages: These offer a stable interest rate over the life of the loan, making budgeting easier and providing peace of mind against market fluctuations.
• Adjustable-Rate Mortgages (ARMs): Initially, these have lower interest rates, which can adjust over time based on market conditions. They are ideal for those planning to sell or refinance before the rate adjustment period.
• Home Equity Loans: These loans allow you to borrow against the equity in your home, providing a lump sum that can be used for various purposes.
• Home Equity Lines of Credit (HELOCs): Similar to a credit card, HELOCs offer a revolving line of credit that you can draw from as needed, with your home as collateral.