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What is the difference between a Fixed Rate loan and an Adjustable Rate mortgage?

April 26, 2017adjustable rate mortgage fixed loan rate

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What is the difference between a Fixed Rate loan and an Adjustable Rate mortgage?

2 Answers

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The interest rate of a Fixed Rate loan is set for the life of the loan. The interest rate of an Adjustable Rate loan fluctuates with the market according to the parameters set within the loan.

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The interest rate of a Fixed Rate loan is set for the life of the loan. The interest rate of an Adjustable Rate loan fluctuates with the market according to the parameters set within the loan.