Lance Hulsey | January 17, 2023
A fixed-rate mortgage has an interest rate that remains the same for the life of the loan. This means that your monthly payments will stay the same, assuming you have a fixed-rate mortgage. This can be beneficial if you are on a tight budget and need to know exactly how much your mortgage payment will be each month.
On the other hand, an adjustable-rate mortgage (ARM) has an interest rate that can change over time. The initial interest rate is usually lower than that of a fixed-rate mortgage, but it can increase or decrease over the life of the loan. This means that your monthly payments can go up or down, depending on market conditions.
Pros of a fixed-rate mortgage:
Cons of a fixed-rate mortgage:
Pros of an adjustable-rate mortgage:
Cons of an adjustable-rate mortgage:
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