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Mortgages, in plain language
Home loans — fixed vs adjustable, down payments and amortization.
What to know
- Fixed-rate loans keep the same rate for the full term
- Adjustable rates can change after an intro period
- A bigger down payment lowers what you borrow
- Amortization splits each payment between interest and principal
Watch out: The advertised rate isn't the whole story — compare the APR, which folds in many fees.
Key terms
APRYearly cost of borrowing including interest and certain fees.
AmortizationThe schedule that pays a loan to zero over time.
PMIPrivate mortgage insurance, often required under ~20% down.
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