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Once, a traditional fixed-rate, 30-year mortgage was just about the only choice open. Now, a mortgage borrower can chose from a variety of adjustable-rate mortgages as well as hybrid adjustable-fixed-rate mortgages.

Many young couples, he says, automatically assume that a 30-year fixed-rate mortgage is their best bet based on tradition and their parents' preferences. But a couple certain it will move in the near future because of growing housing requirements could well do better with an adjustable-rate mortgage that's priced lower in the early years. That's because they're likely to move before the mortgage makes substantial upward adjustments.

Reduced income, during retirement, altered priorities or health limitations could easily impact the duration of your stay in a property. Those who face these issues squarely operate at an advantage when they're confronting a mortgage decision, Mr. [John Freeman Blake] says.