If you're planning on becoming a homeowner one day, you'll likely take out a mortgage to finance your purchase.

The two most common types of home loans — fixed-rate and adjustable-rate mortgages — each have pros and cons, and choosing the right one for your situation will affect your financial outlook for years. 

Use the chart below to guide you through the key differences between these two types of mortgages and to find out which one may be best for you.

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This article was written by Tanza Loudenback from Business Insider and was legally licensed through the NewsCred publisher network.