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What is the difference between fixed and adjustable rate mortgages?

April 26, 2017Adjustable fixed mortgages rate

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What is the difference between fixed and adjustable rate mortgages?

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Adjustable rate mortgages (ARMs) offer a lower initial interest rate than most fixed rates. The interest rate can change periodically (usually in relation to an index) and your mortgage payment will go up or down accordingly. With a fixed rate mortgage, your monthly mortgage payments will stay the same for the life of your loan.