Mortgage
The word "mortgage" has its roots in the Old French for "dead pledge." It has a morbid ring to it. But learning all you can about mortgages before you apply for one will make them less threatening. Mortgages fall into two broad categories: fixed-rate and adjustable-rate.

Fixed-Rate
Here the interest rate remains the same throughout the length of the loan, whether that be 10, 15, 20 or 30 years. The big plus of a fixed-rate mortgage is that you know your monthly principal and interest payments won't change, right up to the day many years from now when you make your last payment. Of course, your total monthly payments are apt to go up as property taxes and insurance premiums rise.

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