An ARM offers a lower interest rate than a fixed-rate mortgage initially, but the interest rate can fluctuate over time. This type of mortgage is ideal for borrowers who expect interest rates to stay low or who are willing to take on more risk in exchange for a lower interest rate.
What is a down payment?
A down payment is a lump sum of money that is paid upfront when you purchase a home. The size of your down payment will affect your monthly mortgage payments and the amount of interest you pay over the life of the loan.
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