Introduction to Mortgage Options
So, you're thinking of buying a home? That's amazing! But, have you considered the different types of mortgages out there? Let's break it down for you!
- Fixed-Rate Mortgage: predictable payments for a set period
- Adjustable-Rate Mortgage: variable payments based on market conditions
- Government-Backed Mortgage: lower down payments and easier qualification
| Mortgage Type | Interest Rate | Term |
|---|---|---|
| Fixed-Rate | 3.5% | 30 years |
| Adjustable-Rate | 2.5% | 5/1 |
According to The Federal Reserve, the current interest rates are at an all-time low. Now's the time to buy!