Fixed-Rate
Mortgage - interest rates and monthly
payments remain unchanged for the life
of the loan
Adjustable-Rate
Mortgage - interest rates and monthly
payments can go up or down, depending
on the market
As
defined above, fixed-rate mortgages are
not subject to market fluctuations. Adjustable-rate
mortgages can be less expensive at times, but expose
you to higher potential costs during swings
in the market.
