What Is The Difference Between A Fixed And Adjustable Rate Mortgage?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: FHA QuestionsWhat Is The Difference Between A Fixed And Adjustable Rate Mortgage?
Thomas Martin Staff asked 5 years ago

The fundamental difference between a fixed rate mortgage and adjustable rate mortgage really are easily defined.

A fixed rate mortgage has an Interest rate that will never change throughout the term of the loan.

An adjustable rate mortgage has an Interest rate that comes with periodic changes based upon pre-defined criteria established within the original loan agreement.

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