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Deciding between the 2 main types of mortgages comes down to how much you're willing to pay every month

Deciding between the 2 main types of mortgages comes down to how much you're willing to pay every month
AP Photo/Elise Amendola, File



More than 60% of American homeowners have a mortgage.




The two most common types of home loans — fixed-rate and adjustable-rate mortgages — each have pros and cons.




With a fixed-rate mortgage, the homeowner's monthly payments are predetermined. With an adjustable-rate mortgage, monthly payments may change throughout the life of the loan based on interest rates.



If you're planning on becoming a homeowner one day, you'll likely take out a mortgage to finance your purchase.
More than 60% of American homeowners have a mortgage, but finding a lender and getting approved is often the most complicated and time-consuming part of the homebuying process.
The two most common types of home loans — fixed-rate and adjustable-rate mortgages — each have pros and cons. Choosing the right one for your situation may come down to how much you're able, or willing, to pay monthly.
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