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Adjustable Rate Mortgages
Adjustable Rate Mortgages (ARMs) are a popular way to get the lowest initial payment. Typically a lower interest rate than fixed rate loans, the ARM interest rate changes over time. Due to this, your monthly interest rate could increase or decrease but may be protected with a maximum interest rate or adjustment cap. ARMs are best for people whose income may increase over the loan's life, or who plan on moving within the next few years.
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Adjustable Rate Mortgages