Adjustable Rate Mortgages (ARM)

These mortgages generally begin with an interest rate 2-3 percent below a comparable fixed-rate mortgage, then adjust over time. An ARM could help you buy a more expensive home.

The interest rate changes at specified intervals (for example, every year) depending on changing market conditions. If interest rates go up, your monthly mortgage payment will go up, too. However, if rates go down, your mortgage rate will drop also.
 
There are also mortgages that combine aspects of fixed and adjustable rate mortgages – starting at a low fixed-rate for three to five years, and then adjusting to market conditions. Ask your mortgage professional about these and other special kinds of mortgages that fit your specific financial situation.

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