Smart Moves Florida Vibe

When securing a mortgage, you’ll need to choose between two main types of interest rates: fixed or adjustable. A fixed-rate mortgage locks in your interest rate for the entire loan term. The rate you start with remains unchanged—even decades later. In contrast, an adjustable-rate mortgage (ARM) fluctuates over time. This means your interest rate and monthly payment may increase or decrease based on market conditions. Both options have advantages, and the best choice depends on your financial situation and long-term plans. Consider these pros and cons when deciding: Fixed-Rate Mortgages ✅ Pros: Stable interest rate and predictable monthly payments Easier to budget over time ❌ Cons: Typically higher initial interest rates compared to ARMs Requires refinancing to take advantage of lower market rates Adjustable-Rate Mortgages (ARMs) ✅ Pros: Lower initial interest rates than fixed loans Potential for payments to decrease if interest rates drop ❌ Cons: Rates and monthly payments can increa...