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Adjustable
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These
mortgages generally have lower beginning interest rates (and lower
payments) than fixed rate mortgages. Typically a person who may only
stay in a home for a short period of time may choose this product
to reduce the mortgage costs during their limited stay in the home.
Many borrowers choose this product to keep their mortgage payments
at a minimum during the early years of a loan and if rates increase,
the borrowers income may also increase to help offset the impact on
their budget.
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