ARM vs. fixed-rate mortgages: What’s right for you?

In considering a housing loan, the low initial cost of adjustable-rate mortgages, or ARMs, can sound very appealing to home buyers. Many could save money because the interest rate for the ARM would be lower during those initial years than the fixed rate mortgage. However, they carry a degree of uncertainty. It is important to understand the difference. Choosing an ARM, for instance, you have to understand how high your payments could go. If you're trying to decide which between an ARM or fixed-rate mortgage is right for you, you're not alone. Here's a primer on mortgage types:

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