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15-year fixed-rate mortgage: If it’s the interest rate you’re worried about, consider a 15-year fixed-rate loan. It generally carries a lower rate than its 30-year counterpart.
10/6 and 10/1 ARMs: 10/6 and 10/1 ARMs have a fixed intro rate for the first 10 years of the mortgage, then move to an adjustable rate for the remaining 20 years. 10/6 ARMs adjust every six months ...
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If a regular HELOC is akin to a big credit card, a fixed-rate HELOC is similar to a second mortgage. ... Pros and cons of a fixed-rate HELOC. As with any financial product, there are both benefits ...
If your mortgage balance is $340,000 and you want to borrow $20,000 using a new HELOC, then your LTV (including the new HELOC) would be $360,000 divided by $400,000, or 90%.
There’s no right or wrong answer about a fixed-rate and adjustable-rate mortgage — both have pros and cons. Still, one type of loan might be a better fit than the other for your financial ...
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