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What is the difference between a fixed and adjustable rate mortgage?

April 26, 2017adjustable rate mortgage difference fixed

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What is the difference between a fixed and adjustable rate mortgage?

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The fundamental difference between a fixed rate mortgage and adjustable rate mortgage really are easily defined. A fixed rate mortgage has an Interest rate that will never change throughout the term of the loan. An adjustable rate mortgage has an Interest rate that comes with periodic changes based upon pre-defined criteria established within the original loan agreement.