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The most widely used mortgage is a fixed rate mortgage.
The reason behind why this is so popular is that it
does not change. It rate doesn't change during the entire
life of the loan. If deciding to go with a fixed rate
mortgage, there are a number of options that you may
choose. These mortgage rate plans come in 30, 20, 15,
and 10 year loan lengths. There is also the ability
to pay bi-weekly rather than the month to month payment.
The cons about this mortgage rate is that it tends to
be around two percent higher than an adjustable rate
mortgage, but you do not have to worry about paying
higher, like you might with an adjustable rate mortgage.
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