What are the benefits to Fixed vs. Adjustable Rate Mortgages?

Fixed Rate Mortgages allow you to lock in a rate and payment for the term of your mortgage. If you plan to stay in your home for 10 years or more and/or prefer to have fixed, consistent payments then a Fixed Rate Mortgage may be beneficial to you.

Adjustable Rate Mortgages offer a lower initial rate subject to adjustment after the fixed term. This type of mortgage would be beneficial to you if you only plan to stay in your home for a few years. This would also be a better option for you if you prefer to get a low monthly rate at the beginning of your loan.