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Whats the difference between a fixed rate and an adjustable rate mortgage?

April 26, 2017adjustable rate mortgage fixed rate

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Whats the difference between a fixed rate and an adjustable rate mortgage?

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The two most common types of mortgages are fixed rate and adjustable rate mortgages (ARMS). The interest rate with a fixed rate mortgage remains the same for the life of the loan. With ARMS, the rate varies according to movements in the financial markets.