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How Do ARMs and Fixed-Rate Mortgages Differ?

  If you are buying a new home or planning a refinance, you may wonder which is better for you: an adjustable-rate mortgage (ARM) or a fixed-rate mortgage?   The short answer is: it depends.   Your family's financial situation and the current average mortgage interest rate will affect which loan is best for you. A good place to start when you need to shop for a mortgage is to understand the two main loan types.   In this article, we will break down these two types of mortgages to help you make a more informed decision when the time is right. What Are Adjustable-Rate Mortgages (ARM)? When it comes to interest rates, adjustable-rate mortgages are more flexible than fixed-rate loans.   The interest rate on adjustable-rate mortgages is fixed for a fixed period of time (usually 7 or 10 years), then it changes to a variable rate for the [...]

December 17th, 2021|Categories: Uncategorized|Comments Off on How Do ARMs and Fixed-Rate Mortgages Differ?

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