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Mortgages

A mortgage is a loan to finance the purchase of a house. Most mortgages last for 15 or 30 years, and your credit score and the size of your loan and down payment can affect your interest rate. When interest rates drop, refinancing a mortgage can reduce monthly payments or shave several years off the term of a loan.

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How To Prepare for Your First Mortgage

The typical mortgage for most Americans starting out is a 30-year fixed mortgage or an adjustable-rate mortgage (ARM) that usually has a fixed rate for 5, 7 or 10 years and then converts to a variable rate that typically adjusts annually

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