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Conventional Mortgages Explained
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Funny, I had a client a few years back who thought balloon mortgages were the “smart play” because the payments looked so low at first. He figured he’d just refinance before the balloon hit, but life happened—job change, credit took a dip, and suddenly refinancing wasn’t a sure thing. Ended up scrambling for options. Honestly, unless you’re flipping or have a rock-solid exit plan, that lump sum at the end can be a nasty surprise. Fixed rates might be boring, but there’s comfort in boring when it comes to your home.
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