How does a fixed-rate mortgage work?

Fixed-rate mortgages are a type of home loan that come with an unchanging interest rate and monthly payments throughout the repayment period. This makes them a popular choice compared to adjustable-rate mortgages (ARM) which have variable rates that can fluctuate with market conditions. Different types of fixed-rate mortgages are available, including conventional, FHA, USDA, and VA loans. Common terms associated with fixed-rate mortgages include APR, which is the annual percentage rate.

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