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The biggest difference: A fixed-rate mortgage carries the same interest rate for the life of the loan, while adjustable-rate mortgage’s interest changes at set intervals (after a fixed-rate ...
10/6 and 10/1 ARMs: 10/6 and 10/1 ARMs have a fixed intro rate for the first 10 years of the mortgage, then move to an adjustable rate for the remaining 20 years. 10/6 ARMs adjust every six months ...
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Assume she opted for a 15-year fixed-rate mortgage loan for which she borrowed $140,000 at 6.82 percent; over the life of that loan, she would have paid a total of $83,976 in interest.
The fact that a fixed-rate mortgage has a higher starting interest rate does not indicate that it is a worse type of borrowing than an adjustable-rate mortgage. If interest rates rise, the ARM will cost more, but the FRM will cost the same. In effect, the lender has agreed to take the interest rate risk on a fixed-rate loan.
15-year fixed-rate mortgage: If it’s the interest rate you’re worried about, consider a 15-year fixed-rate loan. It generally carries a lower rate than its 30-year counterpart.
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