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Let’s take a look at the pros and cons of each type of mortgage. A fixed rate mortgage, also called a conventional mortgage carries an interest rate that does not change over the life of the loan. A fixed rate mortgage has the benefit of a predictable payment and locks you in to today’s interest rates for the future. Because interest rates are low now but predicted to rise in coming years, you should definitely consider this aspect of the fixed rate loan to be a benefit.

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