03/11/2024
FRM’s vs. ARM’s?
No, it's not a wrestling match you can catch on pay-per-view.
It's the difference between Fixed-rate mortgages and Adjustable-rate mortgages.
Alright then… So what's the difference?
A fixed-rate mortgage is set in place and cannot change over the whole life of a loan. When you consider that most loans are split into 15 or 30 year plans, that's a pretty big commitment!
An adjustable-rate mortgage can have its interest rate go up or down during specific adjustment periods.
Maybe you get in at the right time, lock in the FRM right before inflation drives the rates up… or maybe you are getting a mortgage in a time of economic struggle, and you like the idea of the rate getting better over time.
The choice is yours… Choose wisely!
