Which of the following is true about fixed and adjustable-rate mortgages?

A. Fixed-rate mortgages have a constant payment every month, but an interest rate that increases during the term of the loan.
B. They work the same way but are called different names depending if they come from a bank or a credit union.
C. Fixed-rate mortgages have a fixed interest rate for a short period, but then the interest rate fluctuates, which can lead to higher or lower interest rates for the homeowner.
D. Adjustable-rate mortgages have a fixed interest rate for a short period, but then the interest rate fluctuates, which can lead to higher or lower interest rates for the homeowner.

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24-05-2022
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Which of the following is true about fixed and adjustable-rate mortgages?

A. Fixed-rate mortgages have a constant payment every month, but an interest rate that increases during the term of the loan.
B. They work the same way but are called different names depending if they come from a bank or a credit union.
C. Fixed-rate mortgages have a fixed interest rate for a short period, but then the interest rate fluctuates, which can lead to higher or lower interest rates for the homeowner.
D. Adjustable-rate mortgages have a fixed interest rate for a short period, but then the interest rate fluctuates, which can lead to higher or lower interest rates for the homeowner.

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marvineetesh3 marvineetesh3 · Answer 1 · 2022-05-25T13:36:53+02:00

The Fixed-rate mortgages have a constant payment every month, but an interest rate that increases during the term of the loan is true about the fixed and adjustable-rate mortgages.

What is the mortgage rate?

The interest rate that is charged on a mortgage of anything is known as the mortgage rate. Here, the mortgage rates are set up by the investor and can be fixed or variable.

Borrowers' mortgage rates also displace that is fully depending on their credit history. Fixed-rate mortgages have a consistent monthly payment, although both fixed and adjustable-rate mortgages have an interest rate that rises throughout the length of the loan.

The interest rate on a fixed-rate mortgage does not fluctuate with each installment payment, this is the case, so the fixed-rate mortgages have a constant payment every month.

Therefore, this changes to an investor to set a payment plan that is consistent throughout the loan's life. so, option A is correct.

Learn more about the interest rates, refer to:

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