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How to Decide Whether to Refinance a Fixed-Rate Mortgage
If you have a fixed-rate mortgage and interest rates drop, you may want to refinance the same mortgage loan to reduce your monthly payments. The following table shows monthly payments for 15- and 30-year [more…]
Choosing between a Fixed- and Adjusted-Rate Mortgage
How do you choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM)? Conventional wisdom has been that if you can obtain a fixed-rate mortgage at about 6 percent or less, you should lock [more…]
Choosing the Term of a Fixed-Rate Mortgage
Assume that you plan to stay in your new home indefinitely and are most comfortable selecting a fixed-term mortgage. You may be wondering whether you should take out a 15-, 20-, 30-, or one of those new [more…]
