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Once out of every three people buying a house today will borrow money with an adjustable-rate mortgage (ARM). Interest rates for an ARM are usually lower than fixed-rate mortgages – at first. But there is no guarantee market rates won’t rise suddenly, and your mortgage payment will rise with them.
If the economy shows signs of inflation, go ahead and convert that ARM to a fixed rate before your monthly mortgage payments jump. It could save you money and save your house.
All the best,
Timben
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