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An adjustable-rate mortgage has an interest rate that changes at set intervals after a fixed-rate introductory period. Intro periods are most commonly three, five, seven or 10 years.
Continue reading → The post Fixed vs. Adjustable Rate Mortgages appeared first on SmartAsset Blog. And therefore, it's paramount that the mortgage one attains is the right type of loan for their ...
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 ...
Adjustable-rate mortgages, including the 10/1 ARM and the 10/6 ARM, are common options in addition to the traditional 30-year fixed-rate mortgage. ARMs and fixed-rate mortgage interest rates are ...
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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