A mortgage is a standard lending instrument that is given by a traditional lender such as a bank. This type of loan is not typically backed by any special programs, but can give borrowers the financing they need to purchase a home. A mortgage may involve two different types of interest configurations. A fixed-rate mortgage will offer a set rate for the life of a loan. An adjustable-rate mortgage will have interest charges that can rise or climb based on market factors and going rates.

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