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Beware Adjustable Rate Mortgages

It may sound like a good idea, but a change in the economy could quickly make it one of the worst mistakes of your financial life.Be weary of adjustable rate mortgage loans (ARMs). The rate of these can vary wildly over the life of the mortgage, which can result in swings of several hundred dollars a month in payment. They may look attractive when you first get one, but there’s a lot to be said for the reliability month to month of a fixed rate mortgage.

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