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Question Fixed-rate loan vs Adjustable-rate mortgage

Member
Nov 11, 2020
25
Occupation
Small Business Owner
I am not sure all the finer details of both options of loans, I only have the general basis of each. I am wondering which would be better in today's economy and which of the two options is better suited for someone who earns under $100,000 annually. Can someone break down the differences for me?
 
Member
Dec 6, 2020
25
Occupation
Small Business Owner
Well, in my experience, ARMs are a bit more flexible in an unstable climate so I would say those are better right now. Like you mentioned the economy is not the same these days so choosing one according to that, I would go with an ARM.
 
Member
Apr 12, 2021
25
Occupation
Real Estate
I agree with James. You want to focus on something that is more flexible right now if it is an option. The prices of homes are going to go up and down before they increase again in a more stable market.
 
Member
Feb 18, 2022
25
Occupation
DIY'er
With prices increasing, you want to have the option to make changes. You don't want to be stuck with something you won't be able to afford. Everything is a bit all over the place right now.
 
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