A

Fixed-rate mortgage

• Interest rate stays the same for the entire loan term.
• Predictable monthly payments.
• Common terms: 15, 20, 30 years.
li>Best for: People planning to stay in their home long-term.

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B

Adjustable-rate mortgage

• Interest rate starts low, then adjusts periodically (usually annually).
• Example: 5/1 ARM → Fixed for 5 years, then adjusts every year.
• ✅ Best for: Short-term homeowners or those expecting lower future rates.
• ⚠️ Risk: Payments may rise significantly after the fixed period.

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C

Government-backed mortgages

• Borrower pays only interest for an initial period (e.g., first 5–10 years).
• Lower initial payments.
• Principal is paid later, often with higher payments.
• ⚠️ Risky: If home value drops, you may owe more than it’s worth.

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