An adjustable rate mortgage carries a fixed introductory rate for a set period, then adjusts periodically after that. If you plan on selling or refinancing within a few years, an ARM can help keep your payments low until then, often starting below comparable fixed-rate options.
ARMs frequently start below comparable fixed-rate loans.
Keep monthly costs down during the fixed introductory period.
A strong fit if you expect to move or refinance before the rate adjusts.
The rate can adjust up or down based on the market. Built-in caps limit how much it can change, and I will explain those clearly.
Buyers who plan to sell or refinance within the fixed period and want to take advantage of a lower starting payment.
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