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What is the difference between fixed-rate and adjustable-rate mortgages?
Posted : 28/04/2024 4:36 pm
The main difference between a fixed-rate mortgage (FRM) and an adjustable-rate mortgage (ARM) is the type of interest rate you receive. A fixed-rate mortgage means the interest rate you start with is the rate you will have for the entire time you have the loan. Adjustable-rate mortgages have interest rates that are variable, meaning they fluctuate. You will usually have your initial interest rate for a few years (typically three, five, seven, or 10), and then the rate will change based on the index it’s tied to.
Posted : 30/04/2024 5:42 pm