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What is the difference between fixed mortgages and an adjustable rate mortgage?

April 26, 2017adjustable rate mortgage difference fixed mortgages

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What is the difference between fixed mortgages and an adjustable rate mortgage?

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Fixed rate mortgages offer an interest rate that remains fixed for the entire term of the loan. An adjustable rate mortgage (ARM) is a loan in which the interest rate changes to reflect the current interest rates. Adjustable rate mortgages may change rates according to the rate set at your closing. Ask your mortgage broker for the options right for you.