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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.

Family stands in front of home.

Insights on Planning for Homeownership

It’s important to shop around for the best interest rates and consider locking in a favorable rate when you find one. Weigh the pros and cons of buying now versus waiting with the help of a CFP® professional. Waiting might mean higher mortgage rates or prices later, but buying now locks in your costs.

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