Mortgage is a loan given by a bank or other financial institution to help a person purchase or repair a property. There are three types of mortgage: fixed-rate, adjustable-rate and hybrid. A fixed-rate mortgage pays the same interest rate throughout the entire loan term, while an adjustable-rate mortgage offers lower rates during the initial years but then may increase after that. A hybrid mortgage combines aspects of both adjustable-rate and fixed-rate mortgages. What is mortgage? A mortgage is a type of loan that helps people buy a home. A mortgage…
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