Question

What is the main difference between a traditional mortgage and an arm

Answer 1

With a fixed rate mortgage, the interest rate is set when you take out the loan and will not change. With an adjustable rate mortgage (ARM), the interest rate may go up or down. Many ARMs will start at a lower interest rate than fixed rate mortgages. This initial rate may stay the same for months or years.

Answer 2

A traditional mortgage is set means it will not go up or down it will be that rate. As for a arm mortgage the interest rate may go up or down not fixed. Hope this helps.
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