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Fixed Vs. Adjustable Rates

What is the difference between Fixed and Adjustable Rates?

Fixed Rate Mortgages are set when you close on the loan and will not change. With Adjustable Rates Mortgages (ARMs), the interest rate can fluctuate up or down.

ARMs will begin at a lower interest rate than fixed rate mortgages. This rate could stay the same for months, a year, or a few years depending on when the introductory period is over. Once that introductory period is over, your interest rate will change and the amount of your payment could rise. However, when interest rates decline, you payment may go down. In order to understand what loan is best for you, you will need to do your homework to identify the following:

  • How high your interest rate and monthly payments can go
  • What is the frequency of your interest rate change
  • How soon could your payments change
  • Can you still afford the loan should your interest rate rise to that maximum


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