A fixed-rate mortgage offers a fixed interest rate for the life of the loan, while an ARM offers a lower initial interest rate that can adjust up or down over time.
Which type of mortgage is right for me?
The type of mortgage that is right for you will depend on your individual circumstances and financial goals. If you are looking for stability and predictability, a fixed-rate mortgage may be a good option. However, if you are willing to take on more risk in exchange for a potentially lower interest rate, an ARM may be a better choice.
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