The interest rate on a mortgage is one of the most important factors in a homeowner's monthly payments. The higher the rate, the more you will pay and the lower the interest rate, the lower your monthly payments and the higher your monthly savings.
Afixed-rate mortgage (FRM),often referred to as a "vanilla wafer" mortgage loan, is a fullyamortizingmortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float". As a result, payment amounts and the duration of the loan are fixed and the person who is responsible for paying back the loan benefits from a consistent, single payment and the ability to plan a budget based on the fixed cost
Anadjustable-rate mortgage (ARM) refers to a mortgage regulated by the Federal government, with caps on charges. Adjustable-rate mortgage (variable-rate or tracker mortgage) is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.
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Teaser Rate Periods
Many ARMs have "teaser periods", which are relatively short initial fixed-rate periods (typically one month to one year). During this period the ARM bears an interest rate that is substantially below the "fully indexed" rate. The teaser period may induce some borrowers to view an ARM as more of a bargain than it really represents. A low teaser rate predisposes an ARM to sustain above-average payment increases.
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