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What is the difference between a fixed rate and an adjustable rate mortgage (ARM)?

April 26, 2017adjustable rate mortgage arm difference fixed rate

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What is the difference between a fixed rate and an adjustable rate mortgage (ARM)?

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Fixed rate mortgages offer an interest rate that remains constant for the life of the loan. An ARM is a loan in which the interest rate is fixed for a short period of time and then adjusts to reflect current market conditions. Ask your mortgage broker about the different types of ARMs available.