Fixed and Adjustable Rate Mortgages (ARMs)

Fixed-Rate Mortgages

Fixed-rate mortgages provide stability knowing your interest rate and monthly principal and interest rates will not increase over the life of your loan. Interest rates are generally higher than adjustable-rate mortgages.

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Adjustable-Rate Mortgages (ARMs)

An adjustable-rate mortgage differs from a fixed-rate mortgage. With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an ARM, the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly.

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