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A permanent mortgage is a long-term loan used to finance the purchase of a home or property. It differs from other types of mortgages, such as adjustable-rate mortgages or interest-only mortgages, because it typically has a fixed interest rate and a set repayment term, usually 15 to 30 years. This means that the monthly payments remain the same throughout the life of the loan, providing stability and predictability for the borrower.

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4mo ago

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