Adjustable Versus Fixed Rate Mortgages
Is a fixed or adjustable rate mortgage right for you? Let's take a look at the pros and cons...
A fixed rate mortgage has the same interest rate and monthly payment the entire term of the loan - which is usually 15 or 30 years. If rates rise, the borrower is protected against an increase. Fixed rate mortgages make budgeting easier since they offer stable monthly payments.
An adjustable rate mortgage (or
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