Is an adjustable rate mortgage the right move for you? Also known as an ARM, and Adjustable Rate Mortgage updates the interest rate on your home loan at regular intervals after an initial fixed rate period.
An ARM can allow you to start with an an interest rate lower than the current market average. However, once the rate starts adjusting, your monthly payment amount will change. If you consider using this mortgage product, it is important you fully understand all of the terms you’re agreeing to, and make sure you will be able to afford the monthly payment even if the interest rate adjusts to the highest possible amount.
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