What is an adjustable rate mortgage?
An adjustable rate mortgage is a loan with an interest rate that can change. Because you are, in effect, sharing the risk of higher future interest rates with your lender, you will generally get a lower initial interest rate on an ARM than you will on a fixed rate mortgage.
We have a library of downloadable PDFs that cover adjustable rate mortgages, rate locks, balloon payments, and other mortgage fundamentals.
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