Understanding Real Estate Terms… Adjustable Rate Mortgages

Buying a home involves a lot of terminology that can feel like a foreign language, especially the first time around . Today we are starting a series of breaking down the most common real estate terms that every aspiring homeowner should understand . The more you know, the better prepared you’ll be.

Adjustable Rate Mortgages

With an adjustable mortgage interest rate, the interest rate and mortgage payment both vary, depending on market conditions. A mortgage with this kind of interest rate is known as an adjustable – rate mortgage (ARM), a variable rate mortgage or a tracker mortgage. 

(definition courtesy of hgtv.ca)  

Find out more at which mortgage.ca

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