There are many different types of home loans one can obtain to finance a real estate purchase. The more traditional loans are fixed 30yr and fixed 15yr loans. These types of loans maintain the same interest rate throughout the course of the loan term. 5/1 ARM and 3/1 ARM loans are considered adjustable rate mortgages. These types of loans have interest rates that change based on the type selected. In an interest only loan, the home buyer pays only interest and no money on the principle. What type of home loan do you have?
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