Adjustable-rate mortgages offer flexibility.

The interest on an adjustable-rate mortgage (ARM) typically resets after a fixed initial period and every year thereafter. But an ARM offers the potential to save you money with lower payments over the short term.

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Pros

  • Can be ideal for homeowners who only need the loan for a few years

  • Lower starting interest rate is fixed for an initial period of time

Cons

  • Interest rate is fixed only for an initial period of time

  • Payments could vary over time

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