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Bay Mortgage Online Tools - FAQs What is the difference between a fixed-rate loan and an adjustable-rate loan? With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us. [previous] [next] [back] Be sure to Apply Online today! Bay Mortgage - Traverse City, Michigan |
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