variable rate mortgage
There are many types of mortgages available like fixed rate, interest only mortgage etc. There is one other type of a mortgage where in the interest rate is not fixed for the complete life of the loan and it keeps on changing. Such type of loan is called a variable rate mortgage or an adjustable rate mortgage. These loans are generally taken when the economy’s condition does not allow you to take a loan on a fixed rate. Here in a variable rate mortgage, your interest rate can decrease with a change in the market but it can also increase.
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