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)
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