With mortgage rates climbing dramatically over the last year, many buyers are weighing the pros and cons of an adjustable-rate mortgage (ARM) for their future home purchase. While fixed-rate mortgages provide homeowners with the same interest rate for the duration of their loan, interest rates for adjustable-rate mortgages can change over time. These loans are more complex than their fixed-rate counterparts, which is why this guide may be helpful as you're considering all your options.
What are ARM Loans? Adjustable-rate mortgages (ARMs) are loans that come with a fixed interest rate for a short period of time before changing to an adjustable interest rate. For the first 3-10 years, you'll pay a fixed interest rate that's lower than what you would
