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The difference between adjustable-rate and fixed-rate mortgages?

In this two-minute video, you’ll learn the difference between an adjustable-rate mortgage (ARM) and a fixed-rate mortgage.

Summary

  • Loan terms are 15, 20 and 30 years.
  • Fixed-rate mortgages may offer predictability and stability with a rate that doesn’t change.
  • A 5/1 ARM has a fixed rate for the first five years.
  • The initial rate of an ARM is generally lower than a fixed-rate mortgage, but may change after the initial fixed period.
  • ARMs might be a great option if you don’t plan to stay in the home for a long time.
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