Pros and Cons of Adjustable-Rate Mortgages
A variable interest rate might be invitingly low for a while, but what happens when it's time for the rate to adjust?
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The vast majority of home mortgages today fall into two categories. The first and most popular type of home mortgage has a fixed interest rate. For the life of the home loan, the interest rate never changes and the payment stays the same.
The second type of home mortgage has a variable interest rate. In a true variable-rate mortgage, the interest r...