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What’s the Difference Between a Fixed-Rate and an Adjustable-Rate Mortgage?
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A fixed-rate mortgage keeps your interest rate and payment consistent for the life of the loan, offering stability and predictability. An adjustable-rate mortgage (ARM) starts with a lower rate for an initial period, then adjusts based on market conditions. ARMs can be advantageous for buyers who plan to move or refinance within a few years, while fixed rates are best for those seeking long-term certainty.
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