How Do Adjustable-Rate Mortgages Work: ARMs
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How Do Adjustable-Rate Mortgages Work: ARMs

Adjustable-rate mortgages (ARMs) are becoming increasingly popular among borrowers due to their lower initial interest rates. They are a type of mortgage where the interest rate fluctuates periodically based on the market index or benchmark. In general, adjustable-rate mortgages offer a lower initial fixed-rate period than a 30-year fixed-rate mortgage loan. However, after the initial…