What changes with an adjustable-rate mortgage?
Staff Q&A from the 63Hours team.
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The interest rate can change according to the loan's index, margin, adjustment schedule, and limits. A starting rate is not necessarily the rate for the whole term. The course contrasts this with a fixed rate. Also separate principal-and-interest changes from taxes and insurance, which can change a total housing payment even when the interest rate is fixed.
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Discussion prompt: What does the example say about the first adjustment and rate limits?