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What is the different between a fixed-rate and an adjustable-rate mortgage?

April 26, 2017adjustable-rate different fixed-rate mortgage

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What is the different between a fixed-rate and an adjustable-rate mortgage?

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A fixed rate mortgage is a mortgage that has an interest rate that stays the same for the life of the loan (usually 15 to 30 years). Therefore, payments stay the same for the life of the loan as well.An adjustable rate mortgage is a mortgage for which the interest rate changes based upon a predetermined time interval, usually in relation to an index, and payments may go up or down accordingly.