With mortgage rates rising rapidly and coming off years of record lows, many potential homebuyers are looking for ways to beat the situation. One available option is an adjustable-rate mortgage. An adjustable-rate mortgage has pros and cons, and both have to be carefully weighed before making a decision. An adjustable-rate mortgage is also known as an ARM. These home loans have an interest rate that adjusts over time based on what's happening with the market. These loans will often begin with a lower interest rate than a comparable fixed-rate mortgage, and the interest rate doesn't stay the same forever.

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