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Financial Management: Theory and Practice15th EditionEugene F. Brigham, Michael C Ehrhardt 218 solutions What is adjustable rate mortgage quizlet?Adjustable-Rate Mortgages. a mortgage with an interest rate that may change one or more times during the life of the loan. ARMs are often initially made at a lower interest rate than fixed-rate loans depending on the structure of the loan, interest rates can potentially increase to exceed standard fixed-rates.
Why might a consumer choose an adjustable rate mortgage over a fixedThe difference between a fixed rate and an adjustable rate mortgage is that, for fixed rates the interest rate is set when you take out the loan and will not change. With an adjustable rate mortgage, the interest rate may go up or down. Many ARMs will start at a lower interest rate than fixed rate mortgages.
Why would you want an adjustable rate mortgage?Pros of an adjustable-rate mortgage
It allows borrowers to take advantage of falling rates without refinancing. Instead of having to pay a whole new set of closing costs and fees, ARM borrowers just sit back and watch the rates — and their monthly payments — fall. It can help borrowers save and invest more money.
What best determines whether a borrower's interest rate on an adjustable rate loan goes up or down?As we alluded to, the factor that best determines whether a borrower's investment on an adjustable-rate loan goes up or down is the current market. The market's condition drastically impacts the rate of investment.
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Borrowers choosing an adjustable rate mortgage quizlet
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