Deciding Between Fixed-Rate and Adjustable-Rate Mortgages

30/04/2024 5:18 pm

Topic starter

After months of house hunting, my family and I finally found our dream home in a lovely neighborhood. Now comes the challenging part—choosing the right mortgage. I've narrowed it down to either a fixed-rate mortgage, which offers stability with consistent monthly payments, or an adjustable-rate mortgage (ARM), which starts with lower payments that could increase over time.

I'm leaning towards the stability of a fixed-rate because we plan to stay in the home long-term, but the initial savings with an ARM are also tempting as we adjust to new expenses.

Has anyone here faced a similar decision? How did you choose between a fixed-rate and an adjustable-rate mortgage, and how satisfied are you with your choice?