why is an adjustable rate mortgage a bad idea

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The adjustable-rate mortgage (commonly known as the ARM loan) has an interest rate that will adjust or "reset" at a predetermined frequency – every three years, every five years, etc. This is very different from the fixed-rate mortgage loan, which holds the same interest rate over the entire life of the loan.

Why is an adjustable rate mortgage (ARM) a bad idea? An ARM is a mortgage with an interest rate that changes based on market conditions. They are not recommended since there is increased risk of losing your home if your rate adjusts higher, and if you lose your job, your payment can become too much for you to afford.

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ARM Mortgage in 2019: No Longer The Wallflowers. why take on the risk of an ARM mortgage during the same time – at 2.74 percent?. If your idea of big risk is biting into a truffle without.

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 · Home mortgage rates are near historical lows and despite rising more than a full percentage point this summer, have started dropping again this week. Refinancing while rates are low can potentially save you big bucks but it’s not always the right move. Before you call up your mortgage lender, SmartAsset has a few reasons why you might want to put your refinance plans on hold.

Start studying Personal Finance Test(:. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Search. Create.. Why is an adjustable rate mortgage(ARM) a bad idea? It loses its value. Your gonna end up paying more because of interest.